You won’t be glad: You could save hundreds of thousands on your credit card debt that has been slipped away
A credit card can be useful, but what if your horse ran away with us and you just got into debt? Banks are constantly bombarded with credit card promotions lately: some offer bigger refunds and up-front bonuses, while others promise cheaper airfare. MNB figures also show that we are paying more and more with bank money, which does not necessarily mean that the number of credit card users is increasing, but that it certainly shows that those who have it are paying more and more with plastic.
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Just be careful with your other money
Unfortunately, they include those who rely only on this solution if they need to stretch beyond their blanket, and very often get out of the 45-day interest-free period provided by the bank, slipping into payment.
This way, it is easy for anyone to get into a debt spiral because of their credit cards, meaning they take out one loan to pay the other. In such a situation, looking beyond how to make your credit cheap, in addition to planning and keeping a very tight budget, can help you recover. For example, you might want to consider whether we can replace our more expensive loan with a low-interest loan, and a personal loan against credit cards can help.
Can it really be a good solution?
But what about a personal loan that can be used to buy credit? If you take a look at the list of conditions, credit cards typically have a APR of about 38-40%. Let’s compare this to the characteristics of personal loans, and it is already evident that these loans can offer deals below 10%.
Of course, financial institutions also have personal loan loans specifically for loan redemption, which you may want to browse through, but you can also use free loans to pay off your credit card debt.
This can alleviate the problem within a week
The advantage of a personal loan is that it has a much lower interest rate than a credit card. Just look at the current offers and see: Daisy Bank Personal Loans, Hollybank, Pelly Bank, S-Superbank products can be borrowed at even lower interest rates, or the terms of the application are simpler than the KM personal loan, for example. or at Detelem’s personal credit. However, keep in mind that despite the clear interest rate advantage and promotions, you should carefully choose to replace your existing loan with the best deal for which you can use the Red Cross Knight loan calculator, comparing the available loans to a well-informed decision. You can then consult with a bank expert to compile your loan application file. After up to one week of administration, you have to pay a much smaller annual interest rate, which can save you up to several hundred thousand forints per year.