7 keys to get out of your financial debts

Mexican Sofía Macías, author of the book Little Capitalist Pigwarns that it is necessary to understand why our debts arose in order to get out of them, accept that you have to pay them and save at the same time

Mexicans spend about 15 hours a month worrying about financial issues. And debts are one of their biggest headaches. This is what the Annual Report on Financial Well-being warns, an investigation published at the beginning of April by the firm Invested, which also warns that 40% of workers can allocate up to half of their monthly income just for paying debts.

And although the Invested report only studied the Mexican case, it is surely in Colombia where more are revealed by taking accounts. Colombians register the highest delinquency in the entire region, according to data from the Latin American Federation of Banks (Felaban) that cites a report by La República. Uruguayans, Brazilians, Paraguayans and Peruvians follow in the list.

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Is it possible to get out of debt and sleep peacefully? Mexican finance specialist Sofía Macías, author of the book Little Capitalist Pig, think so. “The first thing is not to panic. That yes, it is not magic and you need to put a cookie on it, but what can you do, you can, ”he tells Yahoo Finance.

From experience, Macías has discovered that There are four main reasons that lead people to assume financial commitments that they cannot fulfill later: Spending beyond your means, unforeseen events such as illnesses without an emergency fund, lack of financial education to use credits, and loans made to third parties. “Whatever yours is, you have to detect it and modify it,” says the specialist.

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