They have put us in the head that having debts is bad. This is not true, the problem is not to have debts, but not to know how to pay them or not to plan them.
When a person, aware of their personal finances, acquires a debt is, or should be, because they have the ability to pay it. Learn in this note how to prevent debts from suffocating you.
Question of percentages
To begin, evaluate what percentage of your money is destined to pay debts. When you go to acquire a loan, the sum of all your debts should not exceed 30% of your income. With this proportion your personal budget will be safe.
Know your limits
When following the previous line, we must say that it is better to know the limit of your credit. In other words, how much is the maximum that you can borrow or borrow when using your credit cards without causing damage to your finances. Learn in this note how to prevent debts from suffocating you.
Identify and control your compulsive expenses
The worst thing we can do when we have a debt is to increase it. Especially when it is causing us headaches. One way to control your compulsive expenses is to plan your expenses. It is also to avoid leaving home with your credit card, so you will not use them for unplanned expenses.
If you have any debt with a bank, evaluate the possibility of consolidating your debt with another. To do this, compare the bank that offers you the lowest annual interest rate and highest benefits. You can save a lot by changing the lender.
Here are some tips that will help you to prevent the debts you have from suffocating. With a little discipline you will get out of that dreaded vicious circle .