5 tips to organize finances

 

We are close to saying goodbye to 2020, a year that has had several challenges for the pocketbook due to the health crisis caused by the Covid-19 pandemic. This week a new version of Cyber Monday, a popular e-commerce event was held and the Christmas offers are beginning to appear with force.

 

In Defense, Debtors know the importance of taking care of our finances, and closing the year in an orderly manner, that is why they give you some recommendations:

 

1-Analyze your financial situation: check your income and expenses, since this way you will be able to find out if you have problems and search a solution.

 

"Many times we are not clear about our expenses, because we do not keep a clear record of what we do with the money. When there is no order and a monthly budget, detecting that something is wrong will be more difficult", says Mario Espinosa.

 

That the income does not reach us to make ends meet, having to always resort to lines or credit cards and having unpaid debts are red flags.

 

 

2-Plan:  Christmas is approaching, a holiday that usually means significant expenses for those who usually give gifts to those close to them and try to fulfill the gift they are waiting for. That is why it is important to plan how much money will be used for these purchases and pending expenses.

 

Also, consider events such as the New Year and if you should allocate a budget for activities related to summer vacations.

 

3-Take time and compare:  if you need to get into debt, it is essential to take the time to evaluate the different financing alternatives, such as requesting a loan, resorting to cards or lines of credit. Looking at the Total Cost of the Credit will allow you to compare and know-how much you will end up paying, considering the amount and number of installments, as well as the interest rate.

 

 

4-Prefer to renegotiate than to renegotiate: if you are behind with your debts, you should know that there is the possibility of Renegotiating, this is a procedure contemplated by Law 20,720 (Insolvency and Re-Entrepreneurship Law) and that is processed before the Superintendence of Insolvency and Re-entrepreneurship.

 

In simple terms, it consists of the possibility of agreeing on new and better payment terms with creditors. "That they adjust to the financial reality of the debtor," says Espinosa.

 

By renegotiating, you could even get some of the principal owed and interest is forgiven.

 

This alternative is often confused with debt settlement, a different concept, since in this case, it is an agreement that the debtor makes directly with his creditor without the Superintendence of Insolvency and Re-entrepreneurship intervening.

 

This option should be evaluated very well before taking it, since the renegotiation increases the principal owed, increases the interest rate and extends the term to cover the debt.

 

5-If you are over-indebted you can go bankrupt: Voluntary liquidation or bankruptcy is another procedure contemplated by Law 20,720, in cases where the person or company is insolvent, that is, with their income, they are not able to pay their debts.

The debtor must deliver all his assets to a Liquidator, a person who is appointed by the Superintendence of Insolvency and Redevelopment for this procedure, since they will be auctioned and with the sale, it will seek to pay the creditors. 

 

The important thing is that all debts acquired can be extinguished before the procedure is finalized.

More Visit: Besteconstuition Thanks.

 


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