Tips to free yourself from credit card debt

Has your credit card become a headache for you? You do not have to torment yourself! In this post we will give you some alternatives to get rid of this problem.

Credit card debts have become a problem for users of this benefit. This is due to the lack of financial planning and misinformation about the use of their plastic. Even though the problem has increased, there are still solutions that can free you from your credit card debts.

If it is your case, I recommend that you continue reading so that you end up with that headache.

Take responsibility

Take responsibility

You must be aware of the debt you have generated with your credit card and assume the responsibility that this entails. Finding solutions is the first step you must take to get out of debt and not stay in the credit bureau. You can even reach an agreement to pay your debt in amounts that fit your possibilities.

Prevent the debt from increasing

debts-de-credit-cards

If you let the time pass, obviously your debt will be increasing and it will cost you more work to pay it. I recommend you go to your bank to request that they freeze your credit card, in this way you will prevent interest from increasing every month.

Contact the financial institution of your credit card

Contact the financial institution of your credit card

Your purpose is to settle your debt, if you communicate with the financial institution of your bank you can explain the situation that caused your lack of payment and you can reach an agreement to pay what you owe.

There are some banks that are willing to negotiate in order to liquidate your credit card debts and you can disappear from the credit bureau. It’s just a matter of trying to negotiate.

Make an advance payment

If you have already spoken with your bank’s financial advisor and do not have the initial amount to settle your debt, try to reach an agreement with a lower amount. Try to show interest in paying your debt, in this way it will be easier for your bank to help you choose monthly payments that fit your possibilities.

Negotiate interest rates

Negotiating the interest rates of your credit card can be a good alternative to reduce the cost of your debt. With a lower interest it will be much easier to finance yourself and not suffer at the moment of paying the debt of your plastic, besides that you can have a budget for other needs.

Go to a credit repairman

If the above options have not worked, this option could be your salvation to settle your credit effectively. Going with a credit repairman may result to get better payment plans. These associations are responsible for operating as intermediaries between the bank and the user.

Do not fall for discounts and discounts

This payment method seems convenient at the beginning but it is not. Even though they give you a settlement letter, in your credit history it will appear that you paid with a discount and this closes doors for you to obtain bigger credits in the future.

Debt forgiveness

Debt forgiveness

The forgiveness of debts is the forgiveness of the debt and is what most debtors want but not all financial institutions have them.

There are different reasons why a creditor can forgive the debt; it can be for a negotiation in which both parties agree, discounts between the creditor and the creditor, by death of the debtor or by some legal procedure.

Ask for your final letter

When liquidating the debts of your credit card it is essential that you request a termination letter in your financial Institution. This document will show that you have covered your debt and will be able to support you in case a clarification is required.

Why is it important to pay off credit card debts?

Freeing yourself from credit card debt is essential so as not to affect your credit history and have the possibility of obtaining a mortgage credit that supports you and your family, having access to other types of services such as: telephone, cable, cellular, among others. .

If you fully liquidate your credit card debts you will have the opportunity to re-enter the credit world through its own financing or with an Institution that grants personal loans and in this way you can be considered again by the financial institutions.

Now that you know some options to settle the debts of your credit card, I will give you some tips that may help you not to suffer from indebtedness in the next loan you request:

Make numbers

Take out accounts before requesting a credit card, you should always prioritize your needs and know if you have the possibility of paying off the monthly payment of your credit card so as not to suffer from a debt that affects your economic stability.

Ask them to be clear with you

When you process your credit card ask your financial advisor to be clear with you. It is important to inform you about: the interest rates, the monthly amounts you must pay and the consequences of not paying on time. In this way you can be more aware when using your credit card.

Have an emergency fund

Many users of credit cards use this benefit to settle unforeseen events such as medical expenses, car damage, among others and although it can be very helpful, it would be better to have a savings fund that covers these expenses without generating interest.

 

Children and financial education: Why is it important for them to learn?

Teaching young children about finances will be of great help for their future: learning how to save and organize money will generate greater economic security.

Financial education is essential in order to have greater opportunities. Teaching children about its importance will be useful so that in their adult life they know how to manage their money in any circumstance that arises.

If you want your children to become independent and economically stable tomorrow, teaching them about the importance of managing their finances, investment and savings will be the best option. Below I will mention some relevant topics that you must take into account to begin with:

Manage your money

Explaining to children where the money comes from and how you get it will help them understand how you earn and the importance of knowing how to manage it.

Surely you want your children to be financially free. Then teach them to manage how much or little they have so that their money is well used.

The importance of saving

Few people have the habit of saving, if you teach your children the importance of distributing their money and save to have better economic solvency, in the future they will thank you.

Teach them to buy only what they need and what they can actually afford. It is possible that now they only have their allowance, but what better to learn to manage it so that in the future they do the same with their earnings.

There are also different alternatives for children to understand a little more about financial education, such as:

Table games

Table games

Board games are an excellent option for children to learn about financial education and at the same time have fun. Among the best are:

Monopoly

This board game is characterized by being used in family gatherings, the youngest can understand: the importance of the investment, the expenses when acquiring or selling a product or service. They can also manage their own fictitious business by saving and handling unforeseen events that arise in real life.

It is an excellent option for the youngest of the family to relate to finances and know how to solve problems that arise with their economy.

Financial lottery

The financial lottery is almost the same as the traditional lottery, only in this version children can learn about financing and financial institutions. You can identify the concepts on each card and it will be just as fun to acquire knowledge about finances with this board game.

From employee to millionaire

From employee to millionaire

This board game teaches you the importance of investment and the advantages of managing the money you have invested in a business, good or service correctly. The better you manage the savings and multiply your investment the better it will go in this board game: it is accessible and can be useful for all ages.

Weight decisions

As the name itself says, this board game is about making important decisions when you use your money in an investment. Its purpose is for children to learn the importance of undertaking social and environmental benefits.

The competition between the players is reflected in the tension that is experienced when playing between friends or family. It is also highly recommended among older children.

Mobile apps

Mobile apps

There are already mobile applications that can teach children through examples and games about the importance of financial education. Among the most used are:

Aggent Piggy

This application can be downloaded on your mobile device, allows children to play with fictitious money. learning the importance of saving and making money.

My money and me

My money and I is a very simple application to use, adaptable to mobile devices and shows: the importance of saving, as well as tips to better manage your finances through exercises and stories.

Videos

Videos

The videos will always be entertaining for the little ones. Some web pages focused on the economy have thought about the importance of financial education at an early age. Here we share the pages where they are:

AgentPiggy

AgentPiggy

AgentPiggy, in addition to having its own application, shares videos on its YouTube channel providing: curious facts, stories and tips so that children begin to learn about the importance of saving, investing and managing their money.

Financial education for children

This YouTube channel has a series of videos that inform the little ones about the importance of knowing how to manage their money in the future. All with the help of two animated characters and a pet that manage to make content more entertaining for children.

Video game

Video game

What child does not like video games? To the majority and surely they will be interested in learning by this means. They can serve as an effective tool where they can quickly learn about the importance of money and finances.

The best video games to learn about finance are the following:

Game bank

In this videogame children will face: challenges of saving, means of payment and investment. They will learn basic financial concepts and relate them to images to achieve total understanding of this topic.

Quiz Business Show

Another video game that can be useful to learn about finance is Quiz Business Show. The control of fictional money in this game is through points that you get in the challenges that arise throughout the competition. It is a fun option to learn about financial education.

Financial tips to pay for your wedding with your credit card

If you are about to start planning your wedding, surely you wonder how you can pay without suffering an economic imbalance. In this post we give you the financial advice you need to achieve it.

You are about to take a big step in your life and planning everything that is needed for this special day is not so simple. It is important that you begin to review some financial advice you need to settle every detail of your wedding.

One of the best options to save to get married is your credit card, which gives you different payment options and even discounts in some establishments. This will be a great advantage for all the expenses you will have.

Next, we will mention some financial tips that you can take into account so that you can save to get married with your credit card:

Liquidate all your debts

Liquidate all your debts

 

Before you start saving to get married, it is important that both pay all the outstanding debts. So they can invest in a dream wedding without having to suffer at the end of the celebration. In this new stage it is possible that they begin to organize their finances as a couple, so leaving these pending will be very helpful for their married life.

Invest

 

Married life carries responsibilities and partner finances are not as simple as they seem. Investing in some good for both will be the best option for your economic stability to be stable after your wedding.

  • They can invest in a department to rent it later and have a source of extra income or simply use it as a home without having to pay rent monthly.
  • They can also start a business together by financing their credit card to have better financial security.

Meet objectives

 

Meeting goals as a couple is one of the goals of marriage:

  • They can open an account at the bank where they allocate a portion of their income to: start their savings to get married or meet their goals in the future.
  • Learn to distribute your expenses. They will appreciate it when they see that their finances are well organized to be able to enjoy their personal tastes.

Talk about future plans

financial-advice-for-wedding

 

Communication is everything in life as a couple. Talk about the plans they have in the future and take into account the objectives of each one so that they can stabilize their economy throughout their marriage.

Most couples are fractured due to financial problems. So it is better to take into account every aspect that you want to fulfill throughout your life; to fulfill them together.

Now that you know what you need to save your wedding, it is important that you start planning for every detail on your big day.

There are different financial tips that you can take advantage of to make your wedding day more economical than you think:

Plan ahead

Plan ahead

 

The farther away your wedding date is, the cheaper you will be when you set aside the services. It will also give you time to correctly plan every detail without forgetting any of them. You can also make banquet, makeup and hairstyle tests without hurry.

Even if you already have planned to celebrate your wedding somewhere specific, you can set it aside with your credit card and save money.

Plan your wedding in the low season

Plan your wedding in the low season

 

That your wedding is in low season will give you more benefits than you imagine:

  • Flexibility in the selection of dates.
  • The low prices in each of the services you plan to hire.
  • In total it could cost you up to half of what you had planned.

If you plan to use your credit card to pay for your wedding can also be very advantageous, you will have double discount: for holding your celebration in the low season and for promotions that may have your banking institution with certain establishments that provide the services you need.

Economic wines

Economic wines

 

It is not necessary for drinks to be so expensive to be good. Although many times you have heard the opposite, the truth is that you can find a variety of exquisite wines at a lower price and at the same time you can satisfy your guests.

You can research and get a good wine with beverage suppliers and you can save up to 50 pesos per bottle if you use your credit card.

Do not buy extra food

 

Extra food for garbage? It could be a serious mistake. Better save that money and provide quality catering with the necessary food: correctly analyze which guests will attend your wedding and do not contemplate extra people, I assure you that you will thank them in the end.

Choose national flowers

Choose national flowers

 

Flowers are a fundamental element for weddings and the bride and groom always want to have the best in their celebration. If you choose national flowers you can save half of what you had planned and at the same time have seasonal flowers that perfectly adorn the style of your big day.

You can buy them with any supplier or in a trusted market where freshness and colors stand out in each of the decoration arrangements: among the most common are lilies and roses.

Do not miss the wedding expos

 

Believe it or not, in these Expos you can find promotions and spectacular options to make your wedding a dream. There is a wide variety of services and ideas that you can use on your big day and you can even set aside any service you want with your credit card.

 

How to use a credit card to finance your studies?

Knowing how to use a credit card and invest in your education are one of the best options you can learn if you are in the race. In this post we tell you how to do it.

Using a credit card to finance your education would be one of the best investments you can make for the welfare of your economy in the future. According to statistics: People over 15 who have a professional degree have better income than those who have just finished high school. That’s why you should know how to use a credit card.

In Mexico there are banking institutions that care about the future of the youngest and have decided to provide opportunities to use a credit card to finance their university studies.

Is it necessary to know how to use a credit card to pay for your studies?

A credit card can facilitate the payment of your registration and tuition, the amount you need to pay will depend on the university of your choice and the payment deadline that fits your possibilities. It is also possible that you have a scholarship that facilitates the payment of your university career.

If your plan is to use a credit card to pay for your University, you should only have the following requirements:

  • Mexican nationality
  • Be accepted at the university
  • Have a minimum average of seven
  • Have an endorsement

Advantages of using a credit card to pay for your University

Payments are accessible

  • Financial institutions know that using a credit card to pay for your studies is not as simple as it seems: monthly payments are not as large as they are tailored to the possibilities of a student.
  • They do not require a payment to capital and you have the option to conclude your career to pay off your debt when you have finished your studies. At that time you will be working so it will be easier to pay your monthly fee.
  • Although paying a fixed monthly payment as a student can be exhausting, it is one of the best uses you can give to your credit card because it is a personal investment.

Unemployment insurance

  • When using a credit card you will always have insurance that supports you regardless of the use you give it.
  • Having an unemployment insurance is a great advantage so as not to harm your studies.
  • In addition to that your cost is within the fixed fee that you must pay monthly.

Discounts and exclusive promotions

  • Knowing how to use a credit card to pay for college can offer you discounts and promotions in a variety of national stores.
  • The use of your credit card is not limited to a particular use: so you can also use your plastic to pamper yourself from time to time.
  • I only recommend not to abuse, since using a credit card excessively can affect your long-term economy. Try to make a monthly budget to not spend on what you do not need and take advantage of this benefit in the best way.

use-a-credit-card

What should you take into account before using a credit card to pay for college?

What should you take into account before using a credit card to pay for college?

  • A credit card is a tool   Financial that will help you pay your tuition, expenses in materials and if necessary in transportation.
  • It is important to use your plastic to avoid suffering indebtedness in the future, otherwise you could end up in debt and with more economic problems than at the beginning.

To know how to use a credit card to pay for your studies you must take into account the following:

Interest rate

Interest rate

There is a fixed and variable interest rate: analyze which one suits you the most, since this will depend on the monthly fee that you have to pay until you finish your university career.

Payment deadline

The more time you spend in paying, the greater the debt. Try to select the payment method that best suits your economy without being affected.

insurance

All credit cards have insurance that supports you, ask which account your plastic so you can make them valid in case it is necessary.

What other options are there to finance my studies?

There are also different options to pay for your studies without harming your economy. Next we will mention the other alternatives that you can take into account to achieve the dream of being a successful professional:

Loans

Most financial institutions provide loans to university students seeking to finish their studies. This alternative is fast, there is no need to carry out tired or complex procedures where you can select the option that best suits you depending on your university and the time of your career.

This type of financing allows the monthly payment of your tuition to be much cheaper. And you can select the payment method that you will carry out month after month with the plan to settle your debt at the agreed time.

To process it you only need:

  • Being over 18 years
  • Be admitted to the university of your choice
  • Have an endorsement

Remember that before selecting an option to finance your university career you must analyze the different options that exist with the purpose of not harming your economic stability and enjoy the benefits of having a profession.

Agreement with a university

There are universities that have agreements with financial institutions and their main objective is to support young people who seek to improve their future. At the beginning you only have to pay an amount that fits your possibilities. Dog at the end of your university career will be necessary to cover the credit.

This agreement includes insurance for lack of employment, death or disability. Some of the options that you can take into account are the following:

  • EBC
  • UNITEC
  • University of the Valley of Mexico
  • La salle university

 

Prevent your debts complicate your emotional and financial stability

Having a complicated situation with debts could generate stress and emotional problems. In this post we tell you more about the topic so that you achieve emotional and financial stability.

  • Free eBook
  • How to identify that the debts are affecting your financial stability?
    • You feel weak
    • You feel frustrated
    • You have been afraid
    • The relationship with your family has worsened
    • You do not feel able to support your children
  • How can I improve my emotional stability?
    • Face the situation
    • Keep a positive attitude
    • Organize your income
    • Accept support
    • Releases stress
    • Communicate with your family
    • Go to financial therapy
    • Financial support at work
  • Learning
  • Request your Credit Card and get an answer online!

Loan,money,calculator

Having a complicated situation with debts could generate stress and emotional problems. In this post we tell you more about the topic so that you achieve emotional and financial stability.

Having a complicated situation with debts could generate stress and emotional problems. In this post we tell you more about the topic so that you achieve emotional and financial stability.

The indebtedness of credit cards and loans are the most common among Mexicans because of the excessive use they are given. These financial tools are too useful to settle unforeseen events but sometimes users often forget their true purpose and end up suffering from debt. What can end up affecting your emotional stability too.

We could think that indebtedness only causes consequences such as: being in a credit bureau or not being able to obtain a higher credit, but this is not the case. People who have financial problems are often more likely to suffer an emotional imbalance.

In addition, a study shows that people who suffer from debt are more likely to face health problems: both physical and mental that have damaged their personal and work relationships.

How to identify that the debts are affecting your financial stability?

You feel weak

You do not have energy or motivations, you do not like to live with your friends or family because of the stress you feel when you think about all the debts you have with your credit card.

You feel frustrated

The end of the month has arrived and you do not have enough money to cover your expenses and debts at the same time. So you start to feel frustration with your job and everything around you.

With this feeling your personal relationships, your employment and your performance in it are affected.

You have been afraid

You may feel afraid of not being able to liquidate all your debts and later face a bigger problem. In this way your emotional imbalance progresses.

The relationship with your family has worsened

The relationship with your family has worsened

If you have had the symptoms mentioned above, it is very likely that the relationship with your family has been affected by the isolation you have had with these behaviors.

It is important that you maintain good communication with your family. Finally, they are the people who will accompany you in every good or bad moment you face in your life.

Even the emotional imbalance caused by debts has also caused divorce. Regularly debtors prefer to hide their problems and end up ruining the relationship.

You do not feel able to support your children

Surely you have felt that your financial capacity is not enough to support your children with the tuition of their school or the needs they have when they are small. Remember that your family can be a great support for you, try to maintain a good communication with them so they can understand you.

problems-in-the-emotional-stability

How can I improve my emotional stability?

If you think that your emotional stability may be affected by the same reasons, here are some factors that you can take into account to not affect it anymore:

Face the situation

Going with a financial advisor to help you find alternatives to solve your debt can be one of the best options. In addition to that you will be able to feel more relaxed to be able to find a solution.

There are different options to settle your debts such as: negotiation with the advisors of your bank institution or legal and financial advice.

Keep a positive attitude

Keep a positive attitude

Attitude is everything when we find ourselves in a complicated situation and there is no case that we get stuck in this type of problems that clearly have a solution. It is only a question of finding a way to free ourselves from debts with the different alternatives that exist.

Organize your income

Try to maximize your income: make a budget to cover your basic expenses such as: food, electricity, telephone, television and then save the rest to solve your debt.

You just have to learn to organize your income and not spend unconsciously on products or services that you do not need.

Accept support

You may not like to tell your relatives or close friends about your financial problems, but sometimes they can be very helpful so you can get rid of your debts more easily.

Releases stress

Take into account that it is a temporary debt that will not chase you for the rest of your life, you just need to organize to be able to liquidate it. Recognize the cause of your financial stress to know the problem you are facing and to find a solution that does not continue to harm your emotional stability.

Communicate with your family

Communication with your family is essential to feel more liberated and supported when facing your debts. Talk to them about the cause of the debt so that together they can find a solution. In case of having small children you can explain them in detail without the need to worry them.

Go to financial therapy

Believe it or not, financial therapy has been useful for a large number of people who are affected by its economy and do not find real solutions to this problem. There are specialists in community centers and local universities that offer to help you at a fair price so that together you can find a real solution to this problem.

Financial support at work

This is another alternative that you can take into account in order to settle your debts easily and feel supported by the company where you work. You have the option of requesting an advance or improvement in your salary to have greater ease in liquidating the debts that are tormenting you.

Many companies usually offer this type of support to their workers in order that they become more productive and loyal to the company where they work.

Learning

Debts are a factor that can affect your emotional stability. It is important that we make better financial decisions so that we do not have this burden and can satisfactorily fulfill our obligations.

In case you find yourself in a situation of indebtedness with a loan or your credit card, I recommend you pay attention to the recommendations that we mentioned to face this problem and in this way you can take care of your mental health.

 

Why finance your business with a credit card?

Credit cards can also serve as backup to start a business and in this post we explain why.

Entrepreneurs need to have capital that supports them when making an investment, financing your business with a credit card can be more useful than you imagine.

The main function of credit cards for entrepreneurs is to provide larger amounts that suit the needs of each business. So you can have infinite benefits that improve the economic stability of your company and your profits.

Which credit card is best for financing your business?

 

finance-your-business-with-a-credit-card

There is a wide variety of credit cards that fit the possibilities of entrepreneurs who seek to finance their business with a credit card.

Next we will mention the best credit cards to cover the expenses of your company:

Business Impulse

This type of credit card has availability of up to 6 million pesos. In addition to that the monthly payments are equivalent to 3% of the capital plus the interest generated.

Benefits of requesting the Impulso Empresarial card:

  • Access to promotions with zero rate
  • Discounts and promotions in different establishments
  • Withdrawal of cash at ATMs and branches

Requirements:

  • Have a Banamex Automatic credit line
  • Being over 18 years
  • Proof of monthly income
  • Identification with current photograph

Push Business

Banorte: Push Business

With this credit card you can: divide your personal expenses with business expenses, acquire any product or service that you require to satisfy the needs of cash flow management and financing. On the other hand, the Push Business Card is one of the most flexible in the market: the annuity only consists of 750 pesos plus VAT and the annual interest rate is 29.90%.

Benefits:

  • Insurance and assistance
  • Transactions electronically
  • Telephone assistance 24 hours a day, 365 days a year

Requirements:

  • Being over 18 years
  • Proof of monthly income
  • Identification with current photograph

Business

If you are looking to manage the events and expenses of your company or cover unforeseen events that arise during planning, this credit card would be ideal for your financing.

Benefits:

  • Detail of movement in checking accounts
  • Transfer to own and third party accounts Bancomer
  • Executive summary of balances by products
  • Summary of balances per account

Requirements:

  • You must be a physical person with business activity
  • Be a Bancomer customer
  • To be over 18 years old
  • Identification with current photograph

Agile Credit

The agile credit card can be arranged by electronic banking or branch. The main objective of your line of credit is: to ensure working capital for suppliers, improve purchasing conditions and cover the operative expenses of the creditor.

Benefits:

  • Attractive rates depending on the amount of the credit
  • Credit in national currency
  • National coverage
  • Ease of operation

Requirements:

  • Identification with current photograph
  • Proof of income
  • Tax Identification Card (RFC)
  • Credit application

finance-your-business-with-a-credit-card

Advantages of financing your business with a credit card

Rewards

When you apply for a credit card with the function of financing your business, you can access a fixed amount of money monthly with a minimum commission. Also, for the constant use of your plastic you will have access to different rewards such as: discounts, promotions in different establishments, cheaper flights and accommodations at affordable prices for your business trips.

Payment flexibility

Financing your business with a credit card can help you organize your expenses since monthly payments are flexible. You have the ability to choose the amount you want to spend monthly to cover the contingencies of your business without the need to get into debt by covering each of them on time.

Economic backing

A credit card can also be useful to support unforeseen events and emergencies. You can even consume raw materials, equipment or materials that you need from another part of the country.

Measures you should take when financing your business with a credit card

If your plans are to finance your business with a credit card, I recommend that you take the necessary measures to take advantage of this benefit and learn how to better manage your investment.

Analyze all options

One of the most common mistakes among entrepreneurs is not to analyze what type of credit card fits the needs of your business. Not reviewing the interest rates and commissions of each plastic can be a serious mistake that can end your peace.

Inform yourself and verify, I assure you that a loan should always benefit the economic stability of your business and not harm it.

Keep a record

Keep a record

It is important that you are aware of the movements of your account, know the payments that have been made and the amount destined for the monthly payment of your credit card. In this way you can avoid confusion or indebtedness.

Avoid extra charges

Avoid extra charges

Try only to spend the capital that you have available on your credit card, otherwise interest and monthly commissions may increase gradually. Avoid borrowing more than the account and only use the budget you need.

Do not mix business credit with staff

Do not mix business credit with staff

Separating your business credit with the staff should be a requirement to finance your business with a credit card. Consider formalizing and looking for non-personal funding sources that allow you to divide both uses.