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Months without interest in this return to school

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The months without interest are the great opportunity that many parents take advantage of for the return to classes. They represent that respite to buy everything that the children need and that they will occupy throughout the school year.

Many families turn to months without interest because many establishments and stores have the option of making urgent purchases and start paying them the next month.

If you use them wisely, these can be a good strategy to buy what you need most without putting your monthly budget at risk.

According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), in 2015 the economic spill thanks to the return to classes, spending was 70,000 million pesos.

According to the commission, the minimum average cost per child is around 2,000 pesos. Therefore, if you have more than one child of school age and you are not well prepared for spending on school supplies, the outlay can be very strong for your family finances.

Expenses such as the end of class festivities, disbursement for vacations outside the city or small trips to the movies, museums or business parks so your children do not get bored at home can prevent you from having a fund so that the return to school I drown you in debts and hard-to-pay bills.

If the months without interest are your option to cover all the expenses of return to classes, the Condusef recommends not to get into debt without knowing all the options that can help you to eliminate the anguish for the summer expenses.

The time to opt for a credit

Interest-free months can be a great help for those times of many expenses, such as back to school, but only if used efficiently.

Otherwise, this solution can be counterproductive to your pocket and become a snowball that can be difficult to leave.

There are some considerations for you to use the credit for months without interest and pay everything you need to return to school.

The objective of these points is that you should not generate more debts or financial problems:

  • Know your credit card. Knowing the amounts of debt, the indispensable minimums that you must pay, the cut-off date and other important data will help you to have an optimal use of the credit. It is preferable to contemplate liquidate as quickly as possible so that several payments are not collected.
  • Do not exceed your budget. You can have the idea of buying items with a fixed budget and when you arrive at the store, you find many options that although you like them more if you buy them, they do not coincide with the expense you already have planned. Do not fall into temptation!
  • Separate your expenses. It is important to only consume the money you need from your credit card. Therefore, you must separate the fixed expenses, such as food, from the budget you have for registration or uniforms.
  • Know several credit options. Before using your card, you should know what is the ideal type of credit for the purchase of school supplies. In addition to the plastic, there are other financial supports that you can use or request to solve the panic purchases prior to returning to school.

Spending wisely means analyzing how you can use your credit card wisely. Faced with this scenario, you should analyze how you would solve the purchase and acquisition of school materials, meditating before the state in which your family economy is located.

Part of a good management of credit cards is incorrectly distributing the credit money for your purchases. To get to this, you should always consider opting for the season’s own offers.

The faces of the credit card

The time to opt for a creditCredit cards are one of the most common financings, however now you can also help with other credits, such as payroll, to meet your goals in this return to school.

People still prefer credit cards to use the months without interest, although there are alternatives, this form of payment continues in the preference of users.

Considering the different types of financing that exist, there are several things you should take into account that could affect your finances, for example, for credit cards:

  • Not knowing what the credit limit is.
  • Disowning and forgetting the cut and payment date.
  • Do not take into account extra card costs such as an annuity.
  • Make minimum payments.

The tricks to take advantage of the months without interests

Several banking institutions have fixed credit plans within a credit card. They are parallel plans to the months without interests. They also charge interest but their rates may be preferential. It even has a greater benefit than those offered in revolving credit cards.

Always research what offers banks have for returning to school; some have months without interest on all their purchases.

The only thing you have to do is check to what terms you can buy your school supplies. Do not forget that months without interest may seem very attractive but only if you know how to use them correctly.

When choosing this method of payment, you must take care and remember each important date for correct use of your plastic. If you do not keep up with your payments, the delays will turn into a snowball.

It is recommended that you be aware of the commitment you make with credit cards. When you go to buy your school supplies, choose only the expenses that can be paid with your card.

And it is always important to know the CAT (Total Annual Cost). It includes interest and commission costs. If you have several plastics, always use the one with the lowest CAT.

Keep in mind that before buying your school supplies, you should compare several options. In addition to checking the quality of materials for the rest of the school year of your children, you are acquiring an expense that if you do not handle well, you can drag until the next start of classes.

Compare prices and economic solutions so that the return to school is an unforgettable experience for you and your family.

If in addition to your school supplies you are considering doing other mid-year expenses, we recommend our downloadable How to take advantage of the mid-year discounts, where you will find tips to be an expert or expert in the August offers.

Risk Christmas shopping: 12 million Germans finance Christmas shopping by means of a direct debit for 8 percent interest

Risk Christmas shopping: 12 million Germans finance Christmas shopping via syndication for over 8 percent interest

The German Trade Association (HDE) expects sales of 94.5 billion euros for the Christmas business in 2017: On average, every German citizen over twelve years wants to spend around 466 euros on Christmas presents. Around the festival and the subsequent New Year’s Eve party, additional expenses are added. These include restaurant and concert visits, food shopping and travel. 11.7 million Germans (17%) finance these expenditures via a credit line with an average interest rate of 8 percent. Another 11 million (16%) do not rule out the use of the MRP. This is shown by a November YouGov survey commissioned by the credit portal Smava. In total, 22.7 million Germans risk getting into expensive long-term debt through the use of their emergency credit.

 

Debt loan is expensive and risky

Debt loan is expensive and risky

Only just under a third of respondents (29%) who believe that they will use their credit line will repay the borrowed money within one month. The majority (87%) assume that they will borrow the money for up to one year. However, 68 percent of the creditors do not know that, according to the Deutsche Bundesbank, interest rates of 8 percent on average will fall due. Due to the lack of regular eradication, the use of MRP is risky, especially with prolonged use. Consumers easily get into expensive long-term debt.

 

Installment and framework loans are cheaper and safer than out-of-pocket loans

Installment and framework loans are cheaper and safer than out-of-pocket loans

“It is obvious that consumer finance is part of everyday life for many Germans. The absolute majority pay back the loans easily, “says Alexander Artopé, CEO of smava. “It is critical that so many Germans pay too much for the financing. And this despite the fact that installment and credit loans offer cheaper and safer alternatives to disposition. “Credit lines are recommended for those who want to use a cheaper alternative to dispo and repay the money within a few months. The best rates are usually installment loans- moved here. They are particularly suitable for those who want to repay the borrowed money for a year or more on the basis of a regular repayment.

 

Online loans are the cheapest

Online loans are the cheapest

Despite low interest rates, there are relevant price differences, especially for installment loans. In October 2017, for example, the Germans paid an APR of 5.65 percent on average for an installment loan. Those who completed their loan on the Internet paid just under 2 percentage points less (3.77%). For comparison: the credit on the loan averaged 8.48 percent. This is shown by data from the German Bundesbank and the credit portal smava. “If you only go to your local bank, you will probably pay too much. The cheapest loan can only be found with a cross-bank credit comparison. Credit portals such as smava make this possible. At the same time, 25 banks and 70 loans can be compared. And without going from branch to branch and having to reveal each time to a stranger, “says Artopé.

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