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Financial Education

How to end your debts in three simple steps

How to end your debts in three simple stepsHow to end your debts in three simple steps

How to pay my debts is a question is a recurring question among those who do not know how to manage their income.

¿How to pay my debts without complications?

There is no doubt that having debts is a stressful experience, no matter what your current situation is, if you acquired a loan, you are obligated to pay it, even if you are going through a difficult time such as losing your job, suffering an accident or even having expenses. additional with the arrival of a baby.

Many people constantly ask themselves how to pay my debts without having to affect my economy. The good news is that in this video you will find the best ways to end your debts without having to make big sacrifices or even borrow much more. That if, before anything, it is essential that you have a plan on how to deal with those debts.

Stop borrowing

Of course one of the first things you must do to get out of debt is to stop applying for loans. This means that there will be no more credits for furniture, much less more credit card registrations. By doing this you will only focus on your current debts and you can execute a plan that allows you to settle them quickly.

Establish an emergency fund

It is also another good idea if you ask how to pay my debts, since many times when an emergency arises and you do not have money in the bank, you simply will not have how to cover those expenses. For most people, credit cards become the source of financing for these emergencies. However, if you are trying to get out of debt, then you must put a “cushion” between you and the debt. That is precisely what an emergency fund does.

Create a realistic budget and stick to the

Many times we do not realize that with establishing a realistic budget and sticking to it, we can pay back payments. That is, by developing a budget, you can track your income and expenses, which will allow you to get out of debt in a short time. In fact it will help you to understand where you are with your finances so that you can advance towards your goal.

Organize debts

it is necessary to start by organizing the debts that you have pending. You can list your debts more or less, regardless of interest. This method will allow you to liquidate a very large debt in a very short time because it helps you build momentum. By paying your first debt, even if it has high interest rates, it will give you the belief that you can get out of debt more quickly if you set up a plan and organize everything you owe.

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