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The risk of getting a credit

Applying for a credit can give us necessary resources, but it can also have negative consequences
File photo/EL UNIVERSAL
06/08/2017
09:00
Mexico City
Newspaper Leader by EL UNIVERSAL
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Getting into debt shouldn't be a negative burden for a country, company, or individual. It's all about resources which can be used to develop infrastructure projects, increase production lines, or acquire long-lasting property. The mandatory requirement is to obtain a credit according to our ability to pay, after careful assessment of our current – and future – economic conditions.

EL UNIVERSAL publishes today that the credit card debt of Mexican people with banking institutions increased in the first semester of 2017, in comparison with the same period, last year. A good portion of that increase can be explained because now there are almost 2 million credit cards more than those recorded in April 2016; the actual number is 24.6 millions of credit cards issued.

This is a positive data for banking since it shows there is “trust in the improvement of economy” and in better credit habits. Nevertheless, it's also a rate which has to be constantly monitored, since it can also be a negative sign. If millions of people frequently use credit cards to pay for monthly expenses, we could incur in indebtedness at a short and mid-term with a high risk of compromising our ability to pay, which can bring about consequences for the financial system.

To avoid the situation above, banks notify when they recommend the full payment of the debt, or when a greater payment is suggested beyond the minimum amount payable per month. However, what could really be the beginning of change is the Mexican people, and the development of a financial culture fostered in schools or families, in which concepts such as investment, interest, and credit become familiar to everybody.

Bank service accessibility is a pending topic in Mexico. Millions of people still don't have access to a credit institution, which prevents several sectors from having the necessary resources to start their own business ventures or be able to cover unforeseen expenses.

In comparison with informal loaners, several of the banking institutions continue to be the better option to avoid loan sharks.

The risk of any credit is to secure one without having the ability to pay. If we don't pay close attention to this detail, the fleeting economic improvement could soon transform into a nightmare, with consequences that could impact the overall national economy.

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