To not start the new year in red

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There is no cabal – no matter how sophisticated or exotic – that can make debts disappear as if by magic.

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PERU21 Editorial
Update Date
08/26/2019 - 06:50
Alicce Cabanillas (@alicce on Twitter)Neither a bath with the most expensive champagne nor a hurried consumption of 12 green grapes at midnight will be able to provide us with the peace of mind that we could enjoy if we started 2014 without financial problems.
You still don't know? You probably aren't aware yet that you are one of the Peruvian consumers who is on the list of those who will welcome the new year with their hong kong number screening accounts in the red, because the plans and expenses of these holidays keep you distracted .
To diagnose our situation, the specialized portal www.comparabien.com.pe leaves us a list of four aspects of our economic situation that we must evaluate and, if possible, correct before the end of 2013 .
These tips are no guarantee that you can save your wallet, but at least they will make you analyze your budget and find a solution:
1. The size of your debt . Do you know exactly how much you owe in total to the entities with which you have a loan? If you don't even have an idea of ​​this information, you are probably in bigger trouble.
Grab a pen and paper and begin to consolidate the amount you owe each of your creditors. Consider both interest and installments in which you have agreed to finance, if that is the case.
2. Renegotiate . Create an action plan, analyze each debt and stipulate the time frame in which you could finish paying . If you are close to over-indebtedness (your debts exceed your ability to pay), but you still have a good credit record, you may be able to renegotiate the terms and interest on each debt.
Some financial institutions offer better conditions to clients who are considered good payers. You could also request a debt purchase to end up with just one loan.
3. Time for cuts . Time to eliminate the so-called "small expenses", which are the ones that mess up budgets. No more indulgences in outings, food, books, music CDs , etc.
4. Find the source . As the saying goes, you learn from your mistakes. To avoid falling back into the snowball you're in, check whether your financial problems started because you didn't have money saved for an emergency or because you overspent on a credit card .