QCOSTARICA — On different occasions, experts have mentioned the need for financial education in the Costa Rican population. From implementing and respecting budgets to having a conscious control of expenses, these are part of the habits that need to be improved.
This has an impact on the way debtors behave in the country and in the same way, experts have managed to identify opportunities for improvement for those who request loans from national financial institutions.
Ana Laura Bolaños, financial expert at Instacredit, explains that “Ticos lack conscious money management, this is essential to improve the health of our personal economy, for example, from the collection process we see how many process their loan but are not aware that they must pay it on time, as they do with other items such as public services.”
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“This may be due to the fact that, contrary to the financing provided by the entities, the lack of timely payment of electricity or telephone bills entails an almost immediate consequence, which is the suspension of the service, while with loans the implications are seen more in the medium term, starting with the accumulation of interest,” Bolaños expands.
Thus, the following opportunities for improvement for Costa Rican debtors can be listed:
- Make the decision consciously and responsibly: On many occasions, Costa Ricans do not take enough time to review their monthly budget, which will be what guarantees whether there is a real need to request the loan and above all, whether current income covers the monthly payment of the installment. Otherwise, it can become more of an impulsive decision and attract negative consequences in the short and medium term.
- Carefully review the loan processing documents and make sure you understand all the terms: Collection experts have encountered cases in which financial users are not familiar with basic aspects such as the payment of current interest or sign the processing documents without understanding all the terms and conditions included. It is important that people take the time to read carefully and clear up any doubts, as each detail included is decisive in the entire process.
- In case of delay, answer calls or other forms of communication from the entities: There is a perception that financial entities become enemies of clients. However, if there are fees to be paid, creditors can offer payment arrangements and solutions to normalize accounts. The faster you answer the call or the different means of communication, the more attempts to contact people to reach an agreement will be avoided. It is worth remembering that each entity has different ways to make payment reminders.
- Understanding the implications of late payments: All financial institutions establish different late payment charges (in accordance with the law), but in general, in addition to current interest, late payment interest and administrative fees for debt management must be considered. This, together with the late payment or payments, adds up to a significant amount of money, significantly greater than the original debt. Those who do not reach any payment arrangement are exposed to legal proceedings or seizures. Likewise, their credit history is tarnished, closing doors to future financial tools.
- Ensuring that the payment was correctly recorded: Currently, there are a large number of channels for making payments, however, not all of them record the transaction immediately. For this reason, it is important to report the cancellation or send the receipt through the means established by each entity. Ensuring that the payment was made correctly is part of the commitments acquired when requesting a loan.
At the same time, experts call for people to stay alert to content on social media, where through videos and posts, they are suggested to stop paying loans, wait for the debts to expire or look for legal shortcuts to evade their financial responsibilities.
“We urge the population to be properly informed before making decisions that may affect their financial stability. It is crucial to understand what a promissory note consists of, what type of interest applies, what the conditions of the loan are, what the clauses of the contract imply and even each stage of the administrative and judicial collection process. Knowing these details in depth allows you to make safer and more conscious financial decisions, avoiding falling into the traps of misinformation,” adds Ana Laura Bolaños.
According to information compiled by Instacredit, September and October are precisely the months in which the highest number of defaults are reported.
If someone is having trouble making their payments, it is recommended that they approach their financial institution and explain their situation. In most cases, there are renegotiation options that will allow them to adjust their payments to a changing economic reality.
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Maintaining good communication with the financial institution can avoid many headaches and protect their credit health.
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