In a context where credit costs remain high and Access to finance is becoming increasingly complex For Argentine families, applying for a personal loan can be difficult Useful tool or bug beloved.
Before committing to a monthly fee, the professionals consulted agree on a key point: you need to understand exactly How much will you end up paying? And if it’s really appropriate to take on debt.
Mortgage Loans: Falling rates reopen the game and force us to compare the fine print
Financial institutions They usually highlight the annual nominal rate (TNA), but this does not reflect the true cost of credit. What ends up determining the impact on the user’s pocket is Total financial cost (CFT), an indicator that shows the difference between debt that is manageable and debt that could lead to difficulties or default.
Understand the true cost of the loan
Tax accountant, Sabrina Senadefined the center point: “ Total financial costl is the most complete data to understand the true cost of the loan. Includes interest, commissions, compulsory insurance and administrative expenses And any other fees associated with it.” So, he explained, compare nominal prices only It can be misleading.
In the same sense as an accountant Adriana Cerrone He insisted that many users are only attracted to the price or value of the fee that is shown to them, but without considering other expenses: “There are taxes, administrative costs, mandatory insurance… it all adds to the price. You don’t have to just look at the price, which You have to see is the total financial cost“Agreed.
Both specialists agreed that Lack of financial education It is a structural problem in Argentina, where many people take out loans thinking they can pay the fees without realizing that they will actually end up paying more once the associated taxes and fees are added.
When is it appropriate to get a loan?
Aside from the danger of excessive debt, specialists have realized that in some cases it may be appropriate to finance oneself. Sina suggested that a personal loan could be beneficial Debt consolidation or replacement Card financing is when the CFT of the card is significantly higher than personal credit.
From another point of view, a financial advisor Gabriela Michelet He gave his opinion on the difference between frozen rates and indexed rates and warned against UVA balances: “UVA rates look attractive at first, but as we already saw in the (Maurizio) Macri era, later It can be very harmful “Especially in the long term,” he said.
Low interest rates and new loan collection procedures: “This whole scheme makes the consumer the biggest beneficiary”
For Michelet, Fixed and frozen rate loans can be an opportunityas long as they don’t stray too far from Conservative instrument performance Like fixed deadlines.
The three profiles consulted agree There are specific situations where finance serves as a useful bridge: Emergencies, unavoidable expenses, needs that cannot be postponed, or purchases that can increase in value over time. Michelet even added the possibility of utilizing A “Financial opportunity”: Using credit to obtain an asset whose value exceeds the cost of financing.
How to evaluate ability to pay
The consistent recommendation between Sena and Czerwony is to calculate how much of your monthly income it’s wise to allocate toward paying off debt. They both mention the same range: between 25% and 30% of net income. Exceeding this threshold significantly increases the likelihood of delay or non-compliance.
Half of Argentine families used their savings or borrowed to cover their expenses
Cerrone stressed the importance of budgeting in advance and recording expenses: “You have to keep track, write down expenses, compare prices – banks have simulators – and always try to have an emergency fund,” because an unexpected event could be the culprit. Reason for late payment.
Michelet offered another point of view: organizing personal finances using simple rules, e.g 50/30/20: 50% to Basic needs30% to Flexible expenses And 20% to Savings and debt. “In a context where many people cannot make ends meet, the important thing is to prioritize what is essential and not to exaggerate unnecessary consumption,” he warned.
What to look at before accepting fees
At the time of the signing, Cena insisted J.JCompare options using Total Financial Cost (CFT) and Annual Effective Rate (TEA), Because the annual nominal rate (TNA) alone is not useful for making responsible decisions. While Cheroni warned about what to call it “False propaganda”: Charges that are presented without including the total charge, making the user think they can pay for something that will actually be more expensive.
Guillermo Barbero: “The balance of personal loans and credit cards has doubled in just 16 months.”
In addition, there is an aspect that many people are unaware of: Taxes involved. Cervoni stressed that individuals cannot deduct VAT as companies do, so that 21% becomes part of the cost. The credit tax and other taxes that end up inflating real fees also have an impact.
Finally, specialists agreed on something that may seem basic, but defines the user experience: Inform yourself before getting into debt. Understand the fire system, and review the default conditions Above all, Always compare before accepting.
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