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This article was curated by Luis Bello Apr 2, 2024 – 4:28 pm
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Credit cards are a very useful financial tool for making purchases and managing payments conveniently. Aware of this, it is important to highlight that the use of these products must be done responsibly to avoid falling into default and facing financial difficulties. In fact, according to figures from the Financial Superintendence of Colombia (SFC), they show that the consumer portfolio is the one that registered the greatest increase in overdue loans, between August 2022 and the same month of 2023 it grew 46.37%, that is, , $6,251 million.
It is important to highlight that, according to data from the Quarterly Financial Inclusion Report (RIF) of Banca de las Oportunidades published in 2023, in Colombia there are 13.5 million people with at least one credit product, of which 8.4 million are credit card users. Banco Falabella, recognizing the vital importance of solid financial management, shares valuable advice to prevent late payments and guarantee economic stability.
(See also: They say what Colombians use the most between credit cards and savings accounts)
According to Lucas Madriñan, Manager of the Payment Methods and Marketing Division of Banco Falabella, “organizing the budget, making payments on time and prudently managing the use of cards are measures that ensure responsible management and prevent falling into default. . This allows you to take advantage of the benefits of credit cards responsibly and avoid financial setbacks in the future.”
Credit Cards: keys to avoid falling into default
Timely payments: It is essential to pay monthly installments on time to avoid late payment interest, surcharges and collection management, thus protecting your credit history.
Monitor expenses: Keeping track of expenses and ensuring you do not exceed your ability to pay helps maintain proper financial control. Creating a detailed budget that includes monthly income and expenses will help you be clear about where your money is going and identify areas where unnecessary expenses can be reduced.
(Read also: Why banks deny credit cards without being reported and keys to get one)
Evaluate compulsive buying: Before making a purchase, evaluating your need and availability to pay helps avoid the accumulation of debts that exceed your financial capacity. It is essential to remember that a credit card is a loan and not additional money.
Contact the bank: If you are facing a debt situation, it is advisable to look for alternatives and financial advice. Contacting the bank to explore debt restructuring or payment consolidation options can be of great help.
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Financial Education: The more you know about how to manage money effectively, the better equipped you will be to avoid default and maintain long-term financial stability. There are leading experts from whom you can learn to increase control over the economy. An example of this is “From Gennial to Gennials,” an initiative by Banco Falabella, which through its YouTube channel, simply explains banking concepts that are often complex.
These practices will help take care of your credit life and prevent adverse consequences. Late credit card payments can lead to a number of negative implications, including additional charges and interest, unfavorable reporting by credit rating agencies, restrictions on obtaining new credit, the possibility of seizure of assets, and the initiation of legal proceedings. collection.
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2024-04-02 22:40:46
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