Personal finance specialist Gianco Abundiz provided recommendations on the proper management of credit cards. He emphasized the importance of paying the total debt owed, being full payers, to avoid paying additional interest. If unable to be a full payer, he advised paying off the purchase within a period not exceeding six months and halting all non-essential spending that could generate more expensive debt.
Abundiz warned against the practice of only paying the minimum on the card, comparing it to a degenerative chronic illness that would take many years to pay off the debt. He recommended that those in this situation approach the bank to restructure payments and establish a fixed payment plan over two to three years.
Regarding months without interest, the specialist warned consumers to watch out for possible deceptions in promotions. He advised verifying whether the cash price is the same as the monthly price to ensure the authenticity of the offer.
Abundiz highlighted that credit cards are a valid payment option, as long as one is aware that it is a loan to be repaid. He stressed the importance of avoiding the minimum payment to avoid incurring high interest rates and years of debt. In this context, Buen Fin 2024 is approaching, a weekend of promotions and months without interest where it is crucial to apply the right financial knowledge to avoid falling into uncontrolled debt.
The expert mentioned three basic conditions for the responsible use of credit cards: considering that it is borrowed money to be repaid as soon as possible, limiting the credit line to a maximum of four times monthly income, and using credit in a planned and conscious manner. He emphasized that it is essential to have a budget that does not restrict, but rather provides freedom by properly knowing and managing income and expenses.
