Financial Education - Personal finance in times of economic and financial crisis
The current scenario presents great challenges for people's pockets, due to the rise in the price of the dollar as a result of the aberrant increase in interest rates of the FED, inflation, the crisis in different sectors of the economy.
A factor that will affect all people anywhere in the world, regardless of social strata, as it means that paying for a product in installments, applying for a real estate loan, financing a trip or buying a car, will be much more expensive in the coming years.
Let's remember that debts are acquired due to unforeseen events, such as, for example, that the vehicle was damaged or that a family member had an accident. In these cases, people generally turn to credit because they do not have sufficient income or savings, and also because they do not have a credit card to draw on their loan quotas.
As for the things that we do not need, but that we buy on impulse with credit. This includes trips that we did not plan in advance, a one-night party, a television that we did not need, or clothes that were not really necessary.
And debts that are invested for personal, family or work progress, that is, capital that is invested to study and improve my position in the company or as a method of financing a venture.
"Wow, what a thought-provoking post! 🤔 I love how you're encouraging us to reflect on our spending habits and consider the impact of rising interest rates and inflation on our finances. It's so true that we need to be mindful of our debt and make smart decisions about how we use credit. 💡 Have any of you found creative ways to manage your finances during times of crisis? I'd love to hear your stories! 📣 And as a reminder, don't forget to vote for the awesome witness @xpilar.witness by going to https://steemitwallet.com/~witnesses - let's support their great work in keeping our community thriving!"