It can be quite tempting to apply for credit or a loan when we have debt or are thinking about purchasing a high-priced product or service. However, before doing so, it is advisable to analyze the debt capacity we have, in order not to compromise our finances and, therefore, fall into default.
It was in the April 2024 edition of the Protect your money magazine where the National Commission for the Protection and Defense of Users of Financial Services (Condusef) gave a step-by-step guide to calculating debt capacity.
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It is in this way that, according to the document of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), the following are the steps to know what the debt capacity we have when contracting a credit or loan:
*Do the math and add up your total monthly income.
*Consider, at the same time, what your total expenses are.
*From your total income, now subtract your expenses.
*Once this is done, you will have to multiply the resulting amount by 0.40.
*Finally, the number that comes out will be the maximum debt capacity you have.
At this point it should be mentioned that the 35% and 40% of monthly income that Condusef recommends committing from the salary has been taken as a reference so as not to put the financial health of a given person at risk.
“When a person commits more than 35-40% of their net income, they have a high risk of non-payment and, as a consequence, some economic, family and personal conflicts also arise, all the result of over-indebtedness,” the document states.
For its part, it should be taken into consideration that, according to the Ministry of Finance and Public Credit (SHCP), the debt capacity is defined as “the maximum amount of debt that a person or entity can assume without compromising its solvency.” , based on your budget.”
Finally, Condusef advised that, once the debt capacity has been determined, the credits and loans offered by different banks be compared, to choose the option with the best payment conditions.
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