If you think that the question of how to know if you have debts is unnecessary, think again. Because there are people who do not know what their financial responsibilities are, as well as the type of products they hire, it is not uncommon for them to lose control in the use they have given their money. This situation would generate uncertainty about who they owe and how much this figure amounts to.
So how do you know if you have debts?
The most effective and easy way to check all your balances is to review your special credit report. This is the document offered by the Credit Bureau, in which you can check your current and previous accounts , as well as the status of the loans you have obtained. In the same way, you will have the total of what you owe, to what institutions and how your payments have been so far.
It is essential that you get used to reviewing your information in the Bureau, as it is part of good financial habits to keep your money under control . However, remember that there are non-formal loans , such as those you get when you ask a friend or family member for money, which, although they are debts, do not appear in your credit history. Therefore, you will not find them when you consult the document.
How are debts classified?
When you review your report in the Bureau, in the part of the summary, you will be able to find the information of the credits classified as: bank, non-bank and other Credit Information Companies . This is very useful if you want to know if you have debts in the financial, commercial sector, as well as in the accounts that are reported to the Credit Circle.
This division makes it easier to track and size the size of responsibilities. Bank loans are the most common because they refer to those that grant this kind of institutions in products such as cards, personal loans or payroll , among others. Among the commercials we find the departmental plastics, as well as paid services such as cable and internet.
There are other types of responsibilities with the SAT , better known as tax debts, which also have an impact on your Credit Bureau. Therefore, even those responsibilities against the treasury cannot let them pass.
How to know if you have tax debts?
Due to the protocols that they have in the Tax Administration Service, when a taxpayer does not fulfill his responsibilities before the Treasury, among which the presentation of the Annual Declaration stands out, he must be notified and made an invitation to be updated. This notification arrives through the Tax Mailbox on the main page. You can also check directly if you have tax debts in the section of that name that appears on the portal of the authority.
Do not forget that if you let a lot of time go by without paying, your unfulfilled obligations will not only generate a negative report in the Bureau , which will make it difficult to acquire new credits, a collection process could also be started to settle that debt.
Recommendations to pay your debts
Now that it is clear how to know if you have debts, I will share some tips for you to get down to work and start paying:
1. Identify the total amount you owe
Now that it is clear how the Credit Report helps you to identify what you owe, you just need to add to this amount the commitments you have informally.
2. Recognize the types of debt you have
We saw previously the classification that the Credit Bureau applies for the debts that appear in your document. This will allow you to size the red spotlights in which you should pay attention. For example, commercial debts may be easier to pay than bank debts.
3. Evaluate your economic possibilities
Obviously you need money to fulfill your responsibilities. Therefore, try to review your financial information so you know how many resources you have and evaluate the best way to address the problem.
4. Make a payment plan
One of the most used strategies is to accommodate debts by amount and pay more than the minimum in the least, while keeping the rest up to date. Once liquidated, you go up to the next one upwards until you pay all little by little.
5. Seek help from debt experts
If despite all your efforts you failed to keep the payments up to date and fell into default, there is still a solution. Credit repairers like Solve your Debt, help you pay at a discount, using your own resources and without requesting an extra loan.