Data from the Whitedoor Bank, released in early May, indicated a record credit card interest rate of 449.1% per year. Don’t you remember how the rotary is charged? Read more tips in this post that we produced by clicking here .
This is already the fourth elevation in the year and the nineteenth in a row. The average interest rate for individuals also increased to 7.95% per month (150.42% per year) in April / 2016, being the highest interest rate since November / 2003.
With that in mind, we’ve selected tips for avoiding revolving credit card debt:
1. Friends, friends. Business apart!
According to a study conducted in April 2016 by the Credit Protection Service (SPC), 10% of the Brazilian population was negatively named last year because they lent their credit card or name to an acquaintance. So when doing something like this, make sure that the person who will lend your name or credit card will honor the financial commitment.
2. Do you know how much you earn?
Uncontrolled credit card use can become a snowball, especially when you have no idea how much your monthly net income is. As a result, you can acquire a debt and not be able to repay it, thus entering the revolving credit and increasing it up to 449.1% per year! Escape high interest rates and be mindful of limiting your credit card spending to up to 50% of your monthly income, never more!
3. Do not step higher than the leg
Do you know the popular saying your grandmother always repeats at Sunday lunches? So it serves well on this occasion and we like to adapt it to: Don’t buy what you can’t afford. No one will pay your credit card debt for you, always remember.
4. Revolving Credit Is Not Your Friend
Don’t think that spending your full limit in one month and spending the other eleven months of the year paying is healthy. Think about the high interest rates on revolving credit and the products you could have bought if you had not paid the minimum. Get organized financially and pay the full bill whenever you can so as not to worry about rotary interest.
Looking for help with your credit card bill? Revonico’s lending follows the non-payroll-deductible personal loan facility. Total Effective Cost (CET) may range from 2.79% to 5.26% per month , depending on customer credit analysis and installment option. Send us your credit proposal today! We can have the right loan for your pocket!