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Know the types of debt that affect your pocket for your mistakes

Analyze the type of debt you will acquire when buying or applying for a loan.

Review each loan agreement carefully before signing it.

Follow these simple rules to help you avoid financial mistakes.

Every time you buy something or apply for a loan, you must know in depth what type of debt you are acquiring, because you can fall into a serious financial error that will affect your pocket later.
For example, if you hire or use a financial service, you can pay more if you forget the payment dates, you are lazy, you do not have a planning or you are not well informed about what the service offers you.
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The Condusef identified the most common mistakes that can affect your economy and your pocket.

In addition to the fact that it will take you longer to pay off all the debt, in the end you end up paying more due to interest.
Try to be totalero so that you pay the entire balance before the deadline, the credit card is not extra money.

When you accept all the credit cards offered by financial institutions, the chance that you will end up over-indebted is greater.
Remember that in all of them you must pay commissions and annuities for each one. It is best to have only two.

We can all have a financial slump, and therefore we leave the payment of our debts and other commitments to last, but if we do that we will only make the situation worse and we will make the problem bigger.
A good option is to approach your institution to make you a restructuring plan, there are several.

Some financial instruments do not allow you to have your money at the moment you need it, you should investigate and ask which ones give you that facility.
The best thing is to have an emergency savings fund that you can have on hand for when you need it.

At least once a year, check your credit history at the Credit Bureau or Círculo de Crédito to find out if you have any irregularities that could affect you when applying for a bank loan.

If you want to protect your assets, insurance is a good tool.
Whether you want to protect your home, your car, your business, or leave your family protected with life insurance or medical expenses, among others.
You can get advice to know which one suits you best and there is something for all budgets.

In order for the financial product or service that best meets your needs, before hiring one, have several options so that you can compare and choose the best one for you. You can get advice from an expert in the field.

Without verifying that the financial entity to which you are going to entrust your money is duly authorized by the CNBV and the Condusef, you give all your money.
If you want to avoid being a victim of fraud, don’t trust unauthorized institutions.

Before signing, clarify all your doubts with the representative of the financial institution, whether you want to know more about the commissions that are going to be charged or if there are extra expenses that you do not know.
Remember, you have the right to ask and inform yourself.

The CAT is expressed as a percentage, and helps you know the total cost of your credit, because it includes interest, commissions and other expenses.
Keep in mind that the higher the CAT, the more money you will have to pay.
Taking these common mistakes into account will make you aware of how to better manage your personal finances so as not to borrow too much and end up affecting your pocket that leads to an economic crisis.