Workers with income between 1 and 3 current legal monthly minimum wages, single, university students and women, They are the categories that have the most debtors in the annual analysis prepared by the credit repair company Resolve Tú Debt, based on the figures of its users.
(The difference between a co-signer and a guarantor).
In the case of Colombia, the increase in women who will decide to resort to credit repair to settle their obligations stands out, since they came to represent about 52% of the population surveyed, while the remaining 48% correspond to men.
Experts in personal finance from the global firm assure that: «Currently in Colombia we are facing a historic moment with the rise in rates, which continues to influence with difficulty that the inappropriate use of credit cards is the main cause of indebtedness.» They further highlight that “It is not a question of promoting that people do not get into debt, but of tightening their belts and trying to lower their indebtedness”.
According to the company, there was an increase in the average debt of those who entered the Resolve your Debt program, since these are greater than 29 million pesos.
(Losing your estate, just one of the risks of being a guarantor).
The figure is alarming because most of the repair company’s clients have incomes between 1 and 3 SMMLV, which means that with the increase registered for 2023 of 16%, those who have debts for the amount mentioned above allocate more than 25 SMMLV to comply with the payment agreements.
«Those who turn to us to solve their financial problems are people who have 2, 3 or more obligations», the experts assured.
On the other hand, those who have the greatest presence in the credit repair plan are singles with 44% followed by those who live in a free union with 28%, and are between 35 and 40 years of age, in addition to the majority of them is that they will have 1 or 2 economic dependents.
The cities where there is the greatest over-indebtedness, according to the analysis carried out by Resolve your Debt, are: Bogotá, Medellín and Cali with 33%, 13% and 6% respectively. Finance experts sought to determine how much the level of education influences over-indebtedness.
(At different rates, debtors feel rate hikes).
The previous year, 30% of the sample had completed an undergraduate degree and 26% were high school graduates. These figures had a minimal variation, since for the current year the percentages are 25% and 26% correspondingly.
The objective of this study is to determine and recognize the profile of the debtor for the current year, in this way it will be able to provide financial education, relevant information and advice for those who present the characteristics mentioned above.
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