Expensive Credits: What are They and Why Avoid Them?

Only for a personal credit can Mexicans reach extremely high interest rates . When was the last time you asked for a loan? Expensive credits are a factor that you have to take into account so that you don’t get hurt in your finances.

 

What are the expensive credits in the market?

What are the expensive credits in the market?

Of the expensive loans that have been registered in banks, personal and microcredits are those that have the highest interest rates, according to the Bank of Daisy.

The Central Bank reports that last year they closed these two types of financing with an interest rate of 37.27%. Then there are credit cards and payroll between 34.53% and 24.56%.

The credits offered in Mexico are classified as one of the most expensive in the world.

 

Why avoid expensive credits at all costs?

Why avoid expensive credits at all costs?

  1. At the moment you may need it urgently and it can help you like never before. However, in the long term it can be transformed into a burden that you don’t even know how to finish paying. Always think about how the decisions you make today can affect your future.
  2. In Mexico the credits are 5 times more expensive than in other nations. and with the existing level of inflation , it becomes increasingly difficult to pay them.
  3. The Bank of Daisy has made decisions that affect the pocket of citizens. More complications have been generated in the access of bank loans and the delinquency rate has increased.
  4. They do not assure you peace of mind, even if they solve your problem at the moment. They will worsen your financial condition and generate more headaches.
  5. It is always better to pay cash.

Indebtedness is a bad habit that we must avoid at all costs, either with familiar people or with banks. The process of settling accounts with the bank can become eternal. Have a vision of the future, work hard and save so you don’t have to opt for expensive credits.

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