Over-indebtedness: how to avoid it

In times of economic difficulty, the risk of not being able to pay the mortgage or loan installments in progress becomes more present, especially if the economic conditions of departure of those who requested the loan change or if there are more credit lines activated. In 2000, according to Federconsumatori data, over-indebted households in Italy were 0.9%; in 2012 they became 5%.

The biggest problems for consumers are related to being entrusted to several financial institutions for loans in progress and not being aware of the charges they are required to pay (for example, interest rates). The result is an increasing difficulty in payment of installments, the impossibility of repaying them in due time and the registration of delays in SIC (credit information systems). When we deal with debt collection companies, the situation can become even more complicated: the Anti-Wear Surgery has recorded a 20% increase in requests for help in 2013 compared to 2012, with a growing trend.

So how do we not get to this point? First of all it is necessary to thoroughly analyze its economic situation before considering the hypothesis of a financing : evaluating the income and the expenses allows to understand if it is sustainable the repayment of a monthly payment and of what maximum amount.

The second step, just as important, is to be carefully informed and not to trust the first offer that is found: it is therefore necessary to read the pre-contractual information and the financing contracts, verifying that all the information required by law is present.

If, on the other hand, we have already contracted loans that we are struggling to repay, we can control the margins of renegotiation of the loan with the bank. To keep track of your debt and to manage it in a sustainable manner for our finances, we can also turn to tools such as Mettinconto, which allows us to monitor our situation and analyze our creditworthiness with dedicated advice.