The arrival of Black Friday and Cyber ​​Monday marks the start of the Christmas shopping season and the turn-of-the-year holiday season, so we start seeing advertisements encouraging us to “take advantage” of these special prices.

Many people are worried about these commercial dates because they come full of promotions, discounts and long-term financing offers that seem attractive.

“Citizens need to be aware that if there is no financial planning at this point before purchasing products or services, they could later be prevented from covering the amounts they have taken on debt with, leading to countless problems arising from this situation.” says Francisco Nazati, Head of Personal Banking at Banco ProCredit, who provides guidance on how Ecuadorians can take advantage of Black Friday and Cyber ​​Monday deals without affecting their finances.

Although the effect of over-indebtedness is not visible immediately or in the short term, it will be seen in the medium term. “This happens when a person starts paying some fees and their budget starts to be limited,” explains Nazati.

In an ideal scenario, a person should save for a period of 6 to 12 months to buy a good debt-free; But if you haven’t, you should consider adopting a savings culture for the next few years. “This, in addition to avoiding interest payments, improves your ability to pay more important claims that may arise in the future,” advises the expert.

Finance without excess debt

Nazati concludes with advice to make planning and saving a priority in order to avoid consequences that could seriously affect personal, family or business finances.