4 tips to reduce taxes when retiring in the USA
27 de August de 2021
Mitos del Dinero: 5 Tips para no ser esclavos de tus deudas.
10 de September de 2021
Do you know what the debt trap means and how to avoid it? In this article we want to share with you 5 tips so that you do not become a slave to your debts.
Seen in a logical and rational way, it really sounds very simple to say that you spend more than you generate; But, the mathematics is not wrong and that money will come from somewhere and there are normally two sources:
1.- You are going to destroy your savings, or
2.- Your debts will grow.
So it’s as easy as spending less and producing more.
But if it is so simple, how is it that so many people are in debt and have fallen precisely into what is called the debt trap, which works like a kind of quicksand that the more you buy or spend the more difficult it is to get out of it.
On the one hand, we are the consumers and on the other hand, the companies inventing more efficient ways every day so that you feel that if you can continue spending or consuming their products, that is why we want to share these 5 debt traps that you should avoid:
1.- Beware of buying today and paying later:
Lately, companies have been created that allow you to create your own fully customized payment scheme, and instead of having to pay immediately or using a pre-established plan created by your card, in, for example, 36 months, you can decide for yourself In how many months can you pay it? So, it is there where the following fantasy is generated: we see a cell phone that is worth a thousand dollars and we say there is no way I can pay it, but instead we divide that amount into several months, there one says so if I can and it even seems to you that it is extremely cheap. When in reality we do not understand, if a thousand dollars seemed like a lot to you, with the interest you will pay it will be much more.
2.- Cards that offer you that you will not pay interest for 18 months:
Automatically our brain says this is the perfect deal, I use the card and in month 18 I pay it and that’s it, I beat the banks! But, the percentage of people who achieve this is really low and the banks know it, this being the main reason why they offer it to you, most people will continue with the debt and the interest rate that you will pay after 18 months it will be much higher and the banks recover the offer they gave you there.
3.- Point plans or rewards for consumption with your card:
These plans remind us a lot of those amusement fairs, where by playing different activities you obtained a series of tickets that in the end you could exchange for a series of things that you know are worth much less than what you spent on the attractions, but your “I financial” he says, but they are giving me something for free! and is it really free? of course not. We have seen cases where people consume with their credit cards despite not needing it simply because they are going to reach a new number of points.
4.- The fantasy of now if I don’t use it anymore:
When you see that the water is reaching your neck due to the amount of debts you have, debt consolidation schemes appear, where they offer you to pay the debt of all your cards and have only one large debt and with that now if you are free of card debt and more you will never use it again, right? the statistics show us that this is not the case because in the first emergency you use the card again and the cycle begins again. The only solution being to go back to the initial recipe, produce more than you spend and make a plan to finish this debt as soon as possible.
5.- The most dangerous of all:
The one that occurs due to family pressure, from friends or children, and we say well, really, this that I am going to buy is not for me, but what I do is for them to be happy and that is where you get into debt for that family vacation , traveling to places that you could not afford or buying gifts to show how great your love or affection is towards them, because of course they deserve the best. But really the best gift you can give your family is to be a family without debt.
So, having seen these 5 traps, is there any additional way to protect myself? The best protection is to have an emergency fund in the bank that is enough to cover at least 6 months of your spending so that when unforeseen events come you can use this savings and not the cards.
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