Do you have debts? The eight tips to start 2022 without owing anyone

According to figures from the Superfinanciera, debts for the use of credit cards in the first 9 months of 2021 exceeded $ 30 billion

The pandemic impacted the pockets of Colombians, and despite the fact that the economy is reactivating little by little, For many households, starting this 2022 debt-free is not that simple.

Additionally, with the most recent announcement of the National Statistics Department (Dane) on the increase in inflation in 2021, which stood at 5.62%, some Colombians were concerned.

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Not only will the price of food go up, but also that of SOAT 12.24%, that of medical appointments 4.67%, among other items.

To achieve this goal in 2022, David Nieto Martínez, director of the Finance program at Universidad El Bosque shares some tips:

1. Analyze the economic situation.

One of the main important aspects is organize a list of all economic pending that are had, in order to avoid over-indebtedness that later cannot be covered.

2. Determine the amount of debt you have and create a budget.

They can be short, medium and long term in order to create a budget that prioritizes needs such as: food, housing, services, among others, so as not to incur unnecessary expenses.

3. Prioritize obligations.

Models such as “the snowball” propose that the smaller obligations should be covered in order to start generating more cash flow and pay the larger ones. This will allow you to pay in less time and save money on interest payments.

4. Avoid “ant” expenses.

These small expenses such as: red wine, cigarettes, empanadas, among others, are not taken into account when making the budget, so it is thought that they do not represent a large sum of money.

5. Look for savings alternatives.

There are many financial instruments of savings such as CDTs, fiduciaries, savings accounts, among others. Some experts mention that 20% of the total income must be saved, but in case this cannot be met, a fixed value of savings must be allocated in any of the aforementioned financial vehicles.

6. Avoid making advances on credit cards to cover debts.

It is not advisable, since additional costs are assumed which leads to the initial debt to rise.

7. Consider portfolio purchase.

They have always been a useful tool when it comes to improve people’s financial conditions, allowing you to have financial relief by covering debts with very high interest rates.

However, it is necessary to evaluate that the conditions that they propose financial institutions favor saving time and interest.

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8. Try not to use severance pay to pay debts.

These are savings that should be focused on housing, education or be a “cushion” if the person is left without a job. For this reason, it is necessary to look for other alternatives for the payment of debts.

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