After the Christmas holidays and the end of the year, the bills begin to arrive and, of course, getting a loan to get rid of the debts is a must. At that time pondering the best solutions can cause costs to be minimized.
Today the interest rates on bank loans like overdraft and credit cards are rotating between 6.49% and 16% per month. Anyone who has overdone or lost control of their purchases and expenses in December will already start to feel the effects right now in January and if they do not beware, all year long. It is a consequence.
And who used the credit card too much? It is obvious that the invoice must be paid, mainly to avoid complications with the revolving credit which is a real snowball, to pay it with extra money or with cheaper money is an option. The credit limit of the bank account can also be a snowball, in any case look for cheaper forms of financing such as pledging or payroll deductible credit is very worthwhile.
“Try a solution not very recommended but in a more complicated situation is feasible, selling a well, as a motor vehicle to remove balances of higher financing, no doubt decreases the loss of money with high interest rates.”
It is worth remembering that money spent on interest on credit card debt is on average seven times more expensive than the cost of a payroll deductible loan.
“Many citizens are now able to apply for payroll deductible loans in their private employers or in federal, state and municipal public departments, and interest from this line of loans is low because of the reduced risk that financial institutions absorb”
If you have too many debts on your credit card and are stuck on overdraft, the advice is to never fail to pay the outstanding amounts in full to get rid of the debts as soon as possible.
In the case of retirees and pensioners, one of the most indicated options at the moment is payroll deducted credit in the benefit or pension. The rates applied in this line of loan are between 0.6% and 2.14% per month depending on the number of installments and the bank chosen to release the loan.
So, if you want credit to get rid of year-end debt, look at all of its possibilities and then decide what is the best solution.