What loans can you cancel?

A phone subscription, installment purchase or being in the red: you do not know that many forms of loans are loans. Don’t pay too much and close them.

Can you blush at the bank? This can be useful if you are strapped for cash. But if you are in the red regularly or if you pull deeper into the red, your debt will increase rapidly due to the high interest rate. On average, you pay an interest rate of at least ten percent to a bank. The cost of this credit is increasing rapidly. It may therefore be wise to change your red balance (in combination with other loans).

 

Credit card

Credit card

A credit card is sometimes useful for paying large amounts of money, such as air travel. As this is a form of “deferred payment”, this credit often comes with a high interest rate. Do you have a credit card? Then make it a habit to pay off the card debt as quickly as possible. This way you will lose as little money as possible. Has your credit card amount gone so far that you can’t pay it (all at once)? Consider transferring your credit card debt. With a personal loan or revolving credit, you can be cheaper.

 

Payment by installments

Payment by installments

Online stores or mail order companies sometimes offer the option of partially refunding a purchase. The interest you pay on this post-order credit is often higher than in a bank or a lender. On average, you pay an interest rate of around 14% to mail order companies. It is therefore often worth switching to a credit partner with a (much) lower interest rate.

In the case of a personal loan, you borrow a single fixed amount at a fixed interest rate. The differences between providers are considerable: from a starting interest rate of 3.9% at Lite Lending (for amounts between 25,000 and 75,000) to 8.5% at the most expensive provider. It is wise to calculate the difference if you take out an existing personal loan. It might be possible to borrow cheaper.

 

Revolving credit

Revolving credit

With revolving credit, you can withdraw and exchange money up to a maximum amount. With a revolving credit, the interest rate is variable, so the loan can be expensive. As with a personal loan, there are many differences between providers. Here too, it is wise to check if you are still in good health with your current loan.

Do you have one or more of the above loans? With a total amount of more than 5000 dollars? Find out today if you can be more profitable by transferring your loan (s) into one clear loan with an attractive interest rate and clear conditions.

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