Recent modifications promoted by the federal government have led many people to seek alternatives to credit card installment payments.
With the new rules, after one month of using the revolving credit, the customer must receive a proposal from the card operator or bank to pay the outstanding balance.
The measure inhibited the risk of the snowball effect, where interest accrues with each rapidly growing life.
Not all are flowers, however, for whom the new rule is targeted. Although credit card installment rates are lower than usual revolving interest rates, rates remain very high, especially compared to other credit modalities.
Therefore, we will present in this article some cheaper alternatives that you can adopt in relation to the credit card installment. Check-out:
1. Make a personal loan
Using a personal loan to evade credit card installments is an alternative that can guarantee good interest rate savings.
Even the bank proposing the installment itself must have the most advantageous personal credit line, but it is worth searching for the best rates.
If you have access to the payroll loan, in which installments are directly discounted to the payroll, interest is even lower. The option, however, is not accessible to everyone.
This credit is restricted to INSS withdrawals and pensioners, public servants and employees of private companies with agreements signed with banks to offer the product.
2.Get credit with pledge
The pledge is one of the oldest forms of credit that exists. The option, which is currently undisclosed, offers one of the lowest rates on the market and may be a great alternative to avoid credit card installment payments.
In pledge, no cadastral analysis is required, which is good news for those with a dirty name. The credit is released soon after the evaluation of the well-endowed, which can be from jewelry to pens and watches, provided they are made of gold or other precious metal.
When choosing the pledge to cover credit card debt, be sure that you will be able to repay the loan only as not to risk losing an object of sentimental and financial value.
3.Make money and pay the invoice view
The customer can take advantage of the possibility of using the revolving credit for one month until the proposal of the installment to make a closing in the accounts. With savings measures, they increase the chances of raising enough money to pay off debt the following month.
Despite the temporary tightening, you will have considerable time off over the next few months without the need to bear new debt.
If so, look for extra income by engaging in other activities during your free time.
4. Anticipate Credit
Another option for the credit card installment may be the advance of credit, such as the income tax refund and the 13th salary.
Some banks are also making available anticipated FGTS inactive account resources to those who will be entitled to withdraw.
The amount contracted in advance is usually charged in one installment at the time the amounts are deposited in a checking account.
The big advantage is that you can get rid of the installment payments without compromising the monthly income.
5. Pay the invoice with money borrowed from friends and family
Relying on friends and relatives to cover the outstanding balance of the credit card may be a great strategy to evade interest and IOF, as well as enabling more flexible for payment. However, care must be taken as defaulting on family members can cause major embarrassment. .
As we have seen, it is possible to resort to various options to evade credit card installment payments and their high interest rates. Get your invoice up to date and reinforce your financial planning so as not to return to revolving credit.