Main advantages of a credit to pay debts

loan

One of the main advantages of credit is the ease of acquiring high-cost products in less time and with ease of payment, an advantage that is one of the 7 reasons that stand out in Mexico to process a credit, learn more about it.

Having access to and knowing how to use credit is essential for people’s daily lives, that does not mean that you need to ask for one, but that when necessary, you know how to use it properly. You will be surprised to know what people usually use credits for and from there, you can plan your next big project.

Learning about this powerful tool allows you to use it better and improve your quality of life. Credit in the best possible conditions can be the way to achieve your goals or can help you in a difficult time or in the face of an unforeseen event.

Credit allows access today to what, otherwise, would take months or years to collect to acquire. In modern societies there is practically no important consumption without credit, and it is a symbol of social and economic development.

There is no need to be afraid of credit, since debt speaks well of us, because we are subject to credit and with it we acquire confidence and credibility about financial behavior. Two aspects in which you must be careful, is to have a defined purpose prior to receiving the loan, and to request the amount of money that is within your reach to pay.

According to the National Survey of Financial Inclusion, Mexicans ask for loans for personal matters, education or health issues, as well as the house, emergencies, investment and to pay debts.

Here are some interesting points:

1. Buy, remodel or expand a house

This point also includes the purchase of land, vehicles, jewelry, among others. In the house, maintenance, change of decoration, or expansion for family comfort will always be needed. Or better yet, buy a new one. These are the ones for which 26.8% of Mexicans request a loan.

2. Food, personal or service payment expenses

The second reason why Mexicans request a loan is directly related to personal investments, that is, to acquire a product for consumption. For this purpose, 21.6% of Mexicans ask for a loan.

3. Start, expand or operate a business

The third option is to invest in a business. 19.5% of Mexicans requested money to expand their business, buy merchandise or hire staff.

4. Address emergencies or unforeseen events

12% of Mexicans request loans to solve an emergency or unforeseen situation.

5. Pay off a debt

Another reason that stands out is requesting a loan to settle economic pending issues that require immediate attention or that overwhelm them with calls or very high interest rates. In this case is 11.9% of Mexicans.

6. Education or health expenses

For 11.4% of Mexicans, it has been necessary to request a loan to cover issues related to an education and health situation. school supplies, purchase of uniforms, payment of school fees, medical studies, a sudden illness, or purchase of medicines, are among these issues.

7. Pay for holidays or parties

5.4% of Mexicans have ever requested a loan to spend it on fun. Celebrating something or paying for a good vacation is a good reason for a loan.

Author Bio

I am Priya Varma, and I have been working as Content Writer at Rananjay Exports for past 2 years. My expertise lies in researching and writing both technical and fashion content. I have written multiple articles on Gemstone Jewelry like moldavite and other stones over the past years and would love to explore more on the same in future. I hope my work keeps mesmerizing you and helps you in the future.

.

Leave a Reply

Your email address will not be published.