“The ceilings are a great ally when you have a defined budget to go to the supermarket, buy clothes or for an outing with friends. In times of high spending such as the Good End, Christmas or the end of the year they are especially useful, since we can lose control of the assigned spending”, considered Roberto Salcedo, CEO of Baubap, a firm dedicated to microcredits.
The first thing you should consider before putting a cap on your plastic is that it takes a while, depending on your bank or financial institution, while some banks can take the process in 1 minute, others take a few hours.
Another recommendation to limit the amount you want to spend is to take into account that the ideal is to borrow 30% of your total income, so make a budget based on this formula. Do not forget to count in this 30% with existing debts.
Roberto Salcedo also advises making a shopping list and an approximate budget. Some of the banks that allow you to set a limit on your expenses are: BBVA, Banorte and Santander.
If the customer wishes to remove this ‘lock’, they can do so at the bank.