When is it worth to install credit card bill?On January 19, 2020 by admin
After being the darling of Brazilians and becoming an enemy in times of financial uncontrollability, the question arises when it is worth to split credit card bills. From then on, all the benefits the card offers actually become the reason for chills, right?
Therefore, in this post I will bring you all the necessary information and if you split your invoice is the best alternative.
How does the installment card
Credit cards are usually offered by finance companies and banks. Each of these companies works with their own rates and rules. Therefore, the first step is to contact your card company and the options it may offer. At first, the first alternative the bank gives you is the minimum payment, it is always listed next to the total purchases your card made in the month. Most people choose this option because it is simpler because you will not have to negotiate anything with the company and the value is generally much lower and so it becomes attractive.
However, it is not a good option. When you do that, you get into the well-known revolving credit, which is famous for the very high interest rates. If you look alongside the full payment jump, your bill card usually has some installment options. In some situations, depending on your bank, you do not even have to contact him to make the installment payment, you can pay an installment amount, corresponding to the monthly payment.
How to get organized so you don’t have to split your card bill
The initial idea is for you to focus on your installment payments normally and thus gradually return your budget in a healthier way. If your card problem is chronic, then seriously consider canceling the service. But if it was a situation that caught you off guard again, use it sparingly. Start this by registering all the accounts you usually do on your card to keep track of your card’s limits and possibilities.
To improve your stewardship over it, avoid many installments as you can make the cash payment. So you can safely use your credit card, always evaluate your monthly and fixed cost incomes. Be sure to add the expenses that may appear, especially leisure. The amount you can save based on that idea, put it into savings. Having this money well saved can be useful in a few months as your budget tightens.
When to pay credit card bill
We can not deny that it is very easy for you to be attracted by the possibility of paying off your bill, but could it be worth it to you? There are very few cases where the credit card bill is paid in installments.
The interest rates companies charge on credit cards is definitely among the highest on the market, so its important that you start comparing rates and looking for cheaper debt. This means that if you can get a good loan and interest is lower than your card bill, then you should do it. But if you do not have this alternative and are thinking of entering into revolving credit, it is recommended that you pay the amounts and do not pay the minimum amount or fail to pay the bill.
But here is a very important tip. Try not to be seduced by installments in 24 times if your budget gives you the chance to offer conditions to repay this debt in a shorter time.