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To Escape Debt

For most people, escaping personal debt shouldn’t be that complicated. You need to face this challenge with a positive mental attitude and determine how to generate savings.

Analyze your income and expenses to understand why your hard-earned income disappears so quickly. If you spend more month after month than you earn, then that is a clear sign of a growing debt problem.

How to get out of debt

Credit cards

Apparently credit cards are like an endless means of acquiring needs and wants, with or without the cash available. However, everything is an illusion, in the end we always have to pay the credit card charges. If you don’t pay in full each month then interest accrues on any outstanding amount.

Credit cards have very high interest rates, except perhaps the first six months or a year if you receive one through a low interest or 0% interest promotion, of course when the grace period offered passes or if you do not complies with usage policies, they will increase. In addition, the subscription fee often has to be paid annually. Therefore, it is best to keep only one to three cards that meet your needs and avoid the rest. In addition, of course not to make unnecessary purchases and always pay them on time, even if it is the minimum payment required in order not to affect the credit.


There are countless types of loans for every type of need. A loan can be like a plague or a blessing. Whenever possible, only take out loans for the big needs in life, such as home loans, auto loans, educational and business loans.

The ideal is to only take loans for things that will increase their value in the medium or long term or that will generate extra income or in some way contribute to increasing your income.

Save at Least in Small Amounts

The ideal would be to save 10% of the income, however not everyone is in a position to do this. Do not be discouraged, save even in small amounts, any amount is good if it is savings, if you form a saving habit you will be surprised at the end of 6 months or a year.

Create an Emergency Account

We all face emergencies, illnesses, other threats, and stressful events in life that are simply unforeseen or unpredictable. The objective of this account is to face this type of incident, and when that unexpected expense comes to be able to face it, without ruining your financial stability. Keep a bank account that acts as your emergency account.