Nowadays, hearing a Credit Card is no longer scary, because now consumers know that this is a financial toolthat even with correct use, these can generate benefits for users, however, if you do not know how to handle them, this can become a headache.
The Credit cardsare usually a financial product that allows users to acquire products or servicesin case of not having immediate liquidity, or simply, when these are acquired online or under interest-free months.
However, one of the main doubts of consumers is, What happens if I don't make my minimum payments? This is because, when purchasing a fixed debt for a period, obliges us to make the established payments so that these do not generate a long-term economic sanctionso we explain what happens.
When you receive your account statement, you will have the total debt and minimum payment, You can choose to pay only the minimum and prevent your debt from increasing due to punitive interestHowever, we must highlight that the remaining balance will generate compensatory interest.
If it is not possible for you to cover even the minimum payment, the card bank will contact the holder to remind them about the payment. pending payment. If more than 72 hours pass without payments being made, we will proceed to temporarily suspend the use of the carduntil at least the minimum required payment is made.
If after a month no payment has been made, the bank will initiate a collection process which may include calls to the owners and their personal references, in addition to the possible transfer of debt to collection offices specialized in credit recovery.
It is vital to understand the importance of paying at least the minimum payment on your credit card to maintain your credit reputation. Even if you avoid Veraz, remember that any outstanding balance will also incur additional interest.
So we will remind you, never stop paying the minimum amount of your Credit cardbecause if you don't do it, this could cause problems in the future, damaging your credit history and generating a debt that is very difficult to get out of.
Failure to perform the payments from your Credit Card on time can lead to negative financial consequences, including increased debt, temporary suspension of plastic use, negative credit history, as well as additional charges. Therefore, we recommend that people maintain adequate control of their personal finances and make payments on time to avoid future problems.
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