Enter red to exit red? Not exactly. We explain to you simply why some debts are better than others and the advantages of getting a new loan
Your financial health is like biological health: it all depends on the season and how you take care of yourself. When the flu period is approaching, you get a vaccine; changed the season, better get smart with immunity. For some changes it is easier to anticipate and be prepared, but others eat a virus and catch you off guard.
Debt goes something like this.
First you start with one or another purchase that “oh, okay, soon I can afford it”. And that can turn into a snowball that will disrupt you – and a lot – life. If you have already reached this situation, it is time to make a decision and try to resolve. How about applying for a loan?
Purchasing a loan out of the red may seem like a bad idea – after all, you will make more debt to pay out of the red. But calm down, this is not the case and we will explain to you as well as what are the advantages of this transaction.
First off, being in the red is not a good idea for anyone. Decreasing your score number and getting a dirty name doesn’t have many advantages, so trying to solve this as quickly as possible is ideal. As we speak here, there are several categories of credit:
There are several categories of credit:
- the people;
- the credit card;
- auto refinancing;
- the refinancing of property, among others. Each has its own particularity and details that can make all the difference to your pocket.
Each has its own particularity and details that can make all the difference to your pocket.
Debt is debt?
No, and it’s time to use it to your advantage. There are several types of debt, and those with high interest rates are a priority when it comes to paying off. Applying for a loan to pay off these debts is not going six to half a dozen, but making a great deal.
Doubt? If you paid the least of your credit card bill and went on revolving, the interest rate is 15%. If you are on overdraft, this value is around 13.45%. On the other hand, do you know what is the percentage of interest on a car refinance? From 1.69% of Property? From 1.09% per month These rates are much lower and therefore much more affordable than other formats. It’s a closing account that fits in your pocket with the most cost-effective. Research your debts and try to settle the ones with the highest interest rate.
Time is money
Apart from the rate, other factors that contribute to a lot when taking loans into consideration are the repayment terms and the installments. In the case of auto refinancing, installments can be up to 48 months and the loan amount is up to 70% of the value of your car. Not bad, is it? If you have a vehicle in your name and you have all the right and up-to-date documents, ask for a refinance of yours here!
Already the refinancing of property, can help those who need higher values, after all, the release begins with the minimum of $ 30,000. This mode is perfect for those who want lots of installments – you can redeem up to 60% of the value of your property and pay in up to 20 years! That is, if you have a property of $ 500 thousand reais, your loan can reach $ 300 thousand, and you will have 240 months to pay, and with interest from 1.09%. It’s much more business than paying 15% interest on your credit card, isn’t it?
Within your limit to get out of red
The golden tip is always – always! – Leave the installments of your debts within what you can afford. Here, once again, comes the planning: knowing how much you enter and how much you leave your monthly account, you can make more accurate calculations and separate that money to pay off the loan installments.
More time and less money is better for borrowers
Just getting a loan to pay off your larger debts is very worthwhile. The important thing is not to give up and throw everything up, because there is always a solution that can help you. And no thought of going unpaid, huh? This is the worst solution of all, as it will directly impact your quality of life. With your irregular CPF, it is difficult for you to do basic activities such as renting a property, applying to a university, taking another loan and, in the case of refinancing, you risk losing your property. Such a nuisance for lack of planning is unnecessary, isn’t it?
Look for the best loan options, swap the most expensive for the cheapest, get as much as you can, and fit the payment. Paying off debt and living in peace is the best solution for your mind and pocket, as well as avoiding new deficits as well. Time to turn the page and start a new story with your finances!