Start paying off my debts: discover the best strategy
January 16, 2020
There are many Mexicans who are currently in a somewhat complex economic situation, mainly caused by debts. If this is your case, and your concern is summed up with just one question, how can I start paying my debts? Pay attention to the financial information we bring today for you, where we will give you the best recommendations, such as asking for a home equity loan.
How to start paying my debts
People often panic when they face a large amount of debt. There are so many people who live this situation in Mexico, that they mistakenly think of devising a plan only when they are already over-indebted.
The main advice that we are going to give you, is that you do not allow much time to find a solution. And that within that strategy consider the following:
Become aware of your debts
The first and not least, is to accept that you have debts and that you must get out of these at any rate. Remember that if you are not punctual with the payments, you could appear in the Credit Bureau, and if you wanted to ask for a mortgage loan, it would be rejected.
Calculate your debt
Not only do you have to know that you are in debt, but also have the knowledge of how much you owe. In this sense it will be very helpful to detail the amount of money you owe, so you can answer your question more easily, where to start paying my debts?
Determine your fixed expenses
This step will help you a lot to start paying off the debt. By having your expenses clear, you can place those that are a priority, and those that are not so important, allocate them to the payment of your debt.
Apply for a home equity loan to start paying my debts
An excellent option, which is being used a lot in recent times, is to pay off debts thanks to obtaining a home equity loan. In which you can receive a percentage of money for the value of your home. In addition, this credit has a lower rate than most credits.
This modality is usually used to pay off all debts, finally remaining with only one of lower cost.
As you can see, the most important thing is that you be orderly and determined, the specialists also recommend making a refinance.