The four most common debts
Do you know someone who has no debts? Surely there are many people who do not have or managed to leave them without any problem. But this is a difficult but not impossible process, now having some financial commitment is part of our daily life.
It is important to know the causes of why we get into debt and understand the consequences. Normally we Guatemalans take advantage of these debts with the payments of the Good Finance, but only twice in the year. But that is not enough, for that reason we want you to take care of your Financial Health and know the most common debts.
Many acquire a loan to have products such as clothes, houses, cars, among many other things. It is good to give yourself certain luxuries but if you know how to administer it or the degree of urgency.
But what do we borrow from?
Most acquire no credit check to buy furniture and household utensils; as furnished room, televisions, batteries for the kitchen or appliances. This amounts to 6,220 million quetzales. We want you to know the most common debts so you can avoid them or solve it in the best way.
On some occasions, we mortgage our home because we need a specific amount to meet some need. But if you do not meet the monthly payments, you may be affected in your credit record, increase the interest rate, not forgetting the default that will accumulate daily.
Small payments! Surely you have purchased some furniture for your home or office on occasion. But no matter how small your monthly payment is, do not forget that you must pay it so that it does not affect you in the long term and you can no longer acquire more credits of this type.
We know, credit cards can free us from many emergencies, but it is important to use it only for these types of options. Besides that way you can build your credit record. But if in any case you do not know how to use it, you may have some problems with financial institutions. If, in any case, you are late with the payments, the monthly fee will increase considerably, sometimes people prefer to pay only the minimum fee but the interest increases.
Who doesn’t want to have their own vehicle? We all want to have that dream, but it is important that we do not stop paying the fees. If you do not get to pay the fees then you will surely increase the interest and default. But unfortunately, they may take your vehicle by court order. This time we show you the most common debts, but the secret is that at the time you acquire them do not stop paying. Having a debt is a financial commitment that you must fulfill, if you do it the right way then you will have a less expensive and worry-free life.