According to the National Institute of Statistics and Geography (INEGI), 56.9% of Mexican households have some type of debt. However, “to manage credit successfully, it is necessary to analyze when it is the right time to request one and when it is time to save,” says the book. Credit bureaus in Mexico (2022) Credit Circle.
Credit can be a lifesaver or a real torture. In the country, the lack of financial education has led people to have high levels of indebtedness and see credit and institutions such as bureaus as enemies, when in reality they are allies who are here to help them meet their financial goals.
The objective of the publication, which is digital and free, is to empower users of financial services to learn about the tools available to them to better manage their finances, which is key in a context like the current one. with high inflationary levels.
How to avoid credit problems: 5 practical tips you should follow
I give you five basic tips to avoid credit problems, once and for all.
1. Keep a payment schedule
A fundamental point to maintain a healthy line of credit (with it, a good score in front of credit bureaus) is to make all payments in a timely manner. To do this, you can keep a payment calendar, both annual and monthly, in which you have clarity about cut-off days and payment days for credit cards, services and mortgages.
2. Do not take more credits
The credit is not an extension of a person’s or family’s income. It is an instrument used to plan personal finances. As such, it must be understood that requesting loans solves an immediate liquidity problem, but the debt can grow and get out of control if they are used without payment planning or on a recurring basis.
3. If income decreases, adjust expenses
according to the book Credit bureaus in MexicoIt is just as important to adjust the expenses of a person or family as income changes. As a recommendation, it is explained that “to carry out this exercise you must be relentless – and even involve your whole family – because it is useless to fool yourself or be too optimistic”.
4. Beware of identity theft
The flexibility with which credit can be accessed today makes it increasingly easier, as a user, to fall for scams that seek to steal a person’s identity. You must be aware of possible frauds that try to obtain personal data to obtain credit at the cost of carelessness.
5. Activate automatic notification services
Today, financial institutions offer automatic notification services so that all their users are aware of movements in their accounts. It seems like a simple tip, but it is essential: you have to activate these services, via text messages or apps to prevent inconveniences.
In summary, to maintain order in personal finances it is essential to have basic knowledge on the subject.
Juan Manuel Ruiz Palmieri Founder of Círculo de Crédito, Círculo Laboral and Círculo de Proveedores, where he currently serves as CEO. He studied Computer Science, graduating for academic excellence, has a diploma in marketing from ITAM and was part of the Incompany Management Training program taught by IPADE. He has worked for more than 20 years in the sector of Credit Information Societies in Mexico and in recent years has worked together with the microfinance sector of Mexico in the development of products and commercial policies to make the services of the Bureaus accessible. Credit.