How to get out of debts in this 2019. | Debt consolidation

To get out of your debts, it is essential that you have the commitment and determination to change your financial habits: reduce expenses, control your income and establish a savings plan; This will allow you to finalize your debts in 2019 quickly and efficiently. Clarification at

With the arrival of 2019 it is normal that you set several goals for the new year and among the most common you can find getting out of those debts that are overwhelming you: your credit card, the loan of your new car, a credit to start your own business or that money you used to travel abroad. Wanting to culminate with your financial and credit responsibilities is one of the best goals you can set for this new year ; It can be difficult, but Good Finance is here to help you comply.

If you still wonder, how can I pay my debts? You must be very clear about one thing: the most important thing is to have an action plan to manage them and be able to find the best way to do it. Today you are in luck, in Good Finance we want to give you some tips so that in this 2019 you can pay your debts and enjoy your financial freedom.

Tips to pay off your debts in 2019.


The first step to start 2019 without debt is to know what you have. Start by identifying the debts you currently have: How many debts do you have? What is the value of each one? With which entity do you have the commitment? At what interest rate is it managed? How long is the scheduled time? Is there one that is already in default? We know there are many questions, but it is important that you know them so that you can structure your action plan.

Another important part to consider your debts are the policies of the entity under which you accepted the loan . Knowing what you are allowed, what not and the advantages that your credit line offers you, will give you a vision of how to face your debts towards the future.

Snowball strategy, an excellent plan to pay off debts.

Snowball strategy, an excellent plan to pay off debts.

his payment method consists in ordering your debts from the smallest to the largest. Focus on the smallest debt, start making payments a little higher than the minimum installment and thus get out of it faster; Meanwhile, pay the other debts for the minimum values.

Once you finish paying the smallest you go to the next one, only now, the money you no longer use to pay the first debt, you can pay to the new payment.

So little by little, like a snowball, every time you pay a debt, you increase the value you can assign as a minimum payment to the next one, this will help you get out of your debts quickly and without affecting your pocket.

Reunify your debts.

Reunify your debts.

A problem that may be more normal than you think is that your debts cover more than your income allows you to pay month by month and it is certainly a problem that you must solve as quickly as possible.

Currently in the market there is a financial figure known as debt reunification or portfolio purchase ; which allows you to group the debts you want into a single account to more easily manage your payment, be able to reduce the value of the monthly installment by extending the term of the debt, as well as reduce the amount of paperwork and time you use for the Management of these various debts.

There are many companies in the market that are responsible for carrying out this work, from the same banks with which you have your debts, as well as dive

Gathering your debts is an option to more comfortably manage your payments and reduce your monthly load , although in the long term it can mean an increase in the total value; This is why it is important to have clear advice from your trusted bank or financial advisor that tells you the best option to take.

If you are in default, remember that you can refinance the debt.

If you are in default, remember that you can refinance the debt.

Being late in paying your financial responsibilities is bad, but it is worse to be late and not communicate. Being in default generally indicates an increase in interest rates, late charges and in many cases a report to risk entities. Given this, it is important to contact your entity to find a payment or readjustment plan that helps you get out of debt and avoid the consequences of being reported.

Do not worry if you are in default, surely you are not the only one with this problem and the banking or financial institutions have regulations to deal with these eventualities

Reduce your expenses.

Reduce your expenses.

Have you thought that maybe that lunch you buy every day could be exchanged for a homemade or cheaper one? Could going to the movies every weekend happen to be biweekly? The most complicated part of starting a plan to get out of your debts is to reduce your expenses, but it is one of the most important parts. Being able to allocate a greater part of your income to the payment of your debts or to include it in your savings plan is very important to improve your financial health and get out of your debts.

Create a budget: Creating a budget at the beginning of the month will allow you to have more control over what to buy, the debts you can assume and your savings goals. It should not be too complicated.

Avoid borrowing more, better get out of your debts.


Although it seems obvious, you should stop acquiring new debts. The possibility of giving you a taste or a good offer from a store is always present, but that is where your self-control should predominate. Keep in mind the goal you have set and the savings goal you have programmed.

The temptation of the credit card: The temptation to buy online at a very low price or some mega discount can be strong, and more if you have a credit card. If your plan is to reduce your debts, you should improve the use of your credit card. Use it only when it is of mere necessity or emergency and you cannot make the payment in cash; and always defer it to the smallest number of possible fees.

Start a savings plan.

Start a savings plan.

Something that is always proclaimed, but few execute, is the power of saving. Saving money now so you can enjoy it later and be prepared to cover an emergency should be a habit in your daily life, thanks to the positive impact it has on your financial health.

Saving will help you be prepared in case of any eventuality and use it as a support mattress. Saving allows you to generate capital, which can be the basis for starting a business, an investment plan or just being there to give you the pleasure of buying something whenever you want.

Currently, multiple entities give many benefits if you establish a savings account with them and manage to generate a periodic savings plan; from credit discounts, better interest rates on your savings or chances of winning trips and other rewards.

A key point that you should keep in mind is that the debts will not go overnight, it is a process that takes time and patience, but fulfilling your goals and dedication, you will not have any more debts to pay, or at least you will be on the right path to a life without debts in 2020.

Remember that in Good Finance we are always here to give you the best experience during the application of your credit online, if you have any questions about our service, check our frequently asked questions section or contact us through any of our channels.