San Jose, September 26 (elmundo.cr) – 49.6% of households in Costa Rica have some type of debt[1]Which makes credit the primary means for building life projects and dreams.
Recognizing this, Costa Rica Canada Foundation encourages its potential clients to practice some recommendations on financial discipline in order for their home loan or personal loan to end successfully with the Foundation.
Katiana Aguilar, Deputy Director General, noted that the Foundation has a credit program available to Costa Ricans, with very stable rates, and has benefited thousands of people who need resources to buy a house, buy a plot of land, build a house or for personal purposes. Projects such as studying, capitalizing companies, buying a car or paying for medical services.
But he stressed that others were unable to obtain a loan, mainly for the following reasons:
- It exceeds 30% of the permitted debt due to card debts and purchases of electronic devices. 15% of Costa Rican families allocate between 30% and 50% of their income to cancel debt, while 11.8% of people default.
- They receive payment for their work in cash, and by not depositing it in a bank account, they have no way to support and prove their income. For example: domestic workers, people who sell food, day laborers, etc. These people can be candidates for a loan if they can prove their income.
- They don’t know all their debts and outstanding balances. Many argue that credit cards do not add to debt, nor do credits with home appliance businesses.
- They do not know that they are in any judicial collection process or are late, nor do they know the conditions for release. They discover it while processing financing.
- They do not manage the terms of the credits they have, such as terms and prices, whether there are penalties or not.
“Unlike this type of customer, others who are more organized come to fulfill their dreams and get savings. “Low-income families who have saved for years to have a foundation make it easier for them to get financing from the foundation,” Aguilar commented.
He added that the organization also provides opportunities for people whose credit histories have been tainted by non-payment due to layoffs.
“If a person is unable to continue making payments due to a layoff, but later manages to stabilize his financial situation, after obtaining another job, that stigma is rewarded with efforts to repay the debt,” the Attorney General said. Director of the institution.
Recommendations
For the credit process to be successful, the person must comply with the required documents, depending on the type of procedure required, and be clear about his economic reality, so as not to fall into illusions or emotions. You should ask yourself:
- If you have credit
- The purpose of credit
- If your financial situation can change over time
“Is it necessary to buy a motorcycle? If the value of the motorcycle is ₡1,400,000, can I use this amount if I have ₡350,000 in savings? If I earn in colones, should the balance be in colones or dollars? Is my work situation stable, and my health as well ?In these cases, if you win in colones, the balance should be perfect in colones,” commented Aguilar.
“Getting into debt should not be frowned upon, especially if we do it responsibly to improve our lifestyle. If a person is running a lot of debt and is stuck on repayments, it is difficult for them to commit to new credit, unless they look On debt settlement.
In every procedure, trust must prevail; Next, the client must evaluate their debt capacity, ability to repay, and stability, and evaluate how stable the interest rate they are offered is.
If you are considering applying for a loan from the Costa Rica Canadian Corporation, keep these recommendations in mind, visit their offices and trained staff will be able to complete the analysis. You can also write to [email protected], or call the service stand 2207-8400.
In rural areas, you can also find information from the Canadian Costa Rica Foundation through its strategic partners, located in Puriscal (COOPEPURISCAL), Acosta (ASOPROAAA), Pérez Zeledon (UNCOOSUR), Oriamuno de Cartago (ADICO), and San Carlos (COOPEANDE 7). Christians Without Borders (HOJANCHA), Jicaral (CAC JICARAL), and Sarapiquí (COOPETRAIN).
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1National Institute of Statistics and Census of Costa Rica. Independent National Electoral Commission. Household Finance Survey, 2022
