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How to pay your credit card debts?

Paying off your credit card debts can become a daunting task if your employment or financial situation changes drastically. Especially if you have mor

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Paying off your credit card debts can become a daunting task if your employment or financial situation changes drastically. Especially if you have more than one plastic and do not exercise control over its use, they can be a guillotine instead of a beneficial instrument. In the next post we will show you some recommendations on how to pay your credit card debts.

How to pay your credit card debts?

Paying off your credit cards shouldn’t be a heavy burden if you start off on the right foot. In the first place, it is very important that, when you receive your first credit card or one more that is added to the ones you already have, you know in great detail the fees, commissions and interest rates that you must pay with it. In this way, your expenses will be adjusted to the characteristics and costs of the card.

When you start using your plastic to make purchases, the first recommendation when paying your credit card debts is not to get used to paying only the minimum, always pay between 30% and 40% of your total doubt, and if you can pay the full balance before the cut-off date much better. In this way, you will pay less in interest since, when making a minimum payment, you must bear in mind that almost all that amount is interest and almost no capital payment.

Another tip when paying off your credit card debts is to give priority to the one with the highest interest rates. In fact, a good idea is not to mix your expenses, it is best that you have a plastic exclusively for purchases for months without interest, which must be without an annuity , and another for other purchases, which should have the lowest interest rate. interest.

But what happens when credit card debt spirals out of control? In these cases, the best thing to do before becoming delinquent in the credit bureau is to request a negotiation of your debts personally with the bank or financial institution that issued the card. In this process, you will be offered a more accessible installment, with a lower interest rate but with a longer term. This is an advantage and a disadvantage at the same time: on the one hand, you get room to pay your debts but at the cost of staying for a longer term, which in the end will increase the amount to be paid.

The second alternative to pay your credit card debts, and if you have more than one card or other loan that you cannot pay, is to request the reunification of debts, in which not only credit cards but personal loans will enter all within a single installment at a new term and interest rate. And similar to the negotiation of a card, reunification has the advantage that you only have to be aware of a fee, but by extending the term you will end up paying more than you normally would have paid. Even so, that is better than being a bad payer before the credit bureau.

The last option to pay your credit card debts is with “quita” ; This occurs when the bank passes your unpaid debts to a collection office which offers you an agreement or agreement in which to pay only a percentage of your debt. You can do it personally and get the discount for yourself, but remember that this will already have left a stain on your credit history so accessing new credit in the future will be very difficult for you.

This is why the recommendation is to always keep control when spending money with your credit card ; Do not see it as an extension of your salary because it is not, nor do you think that your financial situation is stable enough to acquire many debts, you do not know when it can change.

Pay your credit card debts with Yotepresto

Yotepresto.com  is a Mexican platform that directly connects people who need a loan with people who want to invest their money.

In this way, it allows you to consolidate your credit card and bank loan debt for a lower rate.

The procedure is completely  online and free  and you can request from 10 thousand to 300 thousand pesos with terms of 6 to 36 months.

Yotepresto.com requirements

The  requirements   of  yotepresto  are:

1. Have a good bank credit history (2 years old).

2. Have proof of income (payroll receipts or bank statements).

3. Have a bank account to deposit your loan.

Pay your credit card debts with Cura Deuda

Cura Deuda is a credit repair company that offers you help to organize and reunify your debts, including those of bank and non-bank credit cards, in order to pay all your obligations, charging a commission for it .

Cura Deuda advisers design a savings plan with you in which you must deposit money month by month in an account until you complete the program. After that they will use that money to pay off your credit cards and other obligations, with the possibility of getting up to 70% discount on your debt through the “take away.”

Knowing how to pay your credit card debts will allow you to organize your income and expenses based on what you have to pay, remember that the faster you get out of your debts the better, even if you have to postpone that last generation cell phone that you want or some outings to restaurants.

If you find yourself drowned by your debts, you can go to the bank or issuing entity and negotiate your debt to obtain a new term that allows you to pay a more accessible fee. However, remember that the priority is not to reach the point of over-indebtedness, so if you have more than one credit card make sure you are aware of your expenses and real ability to pay.