November and December are two of the months with the most consumption by citizens. In recent years, traditional Christmas shopping in December has been joined by the new tradition of Black Friday, an important date that has managed to popularize its discounts and extend them for several weeks in November. For this reason, many people take advantage of November to make important purchases, either for early Christmas gifts or for personal items that are of interest. Now, economic experts have issued a warning to buyers, advising against using credit cards during this month.
As the experts from the HelpMyCash portal explain, paying by credit card is especially discouraged this month due to its payment in installments and the imminence of Christmas, a time of high spending that we could reach with a debt. unaffordable if we abuse the credit card.
And many banks do not charge interest if you pay for certain products in one installment, but some entities usually apply up to an 18% surcharge when paying in installments in Spain, according to HelpMyCash. In this sense, financing Black Friday or Christmas purchases can end up being really expensive.
Thus, charging in arrears is a dangerous practice that experts warn against. In addition, you are warned that, if the products are purchased in several installments, the interest that will have to be paid will make the final purchase price higher than the initial one.
How to avoid getting into credit card debt
1. Do not split purchases of more than 1,000 euros, since from this amount you can take out cheaper loans to finance the purchase.
2. Do not extend the payment to more than 12 months.
3. Always review the card expenses.
4. Only use them when you can afford to pay them back.
5. Avoid the minimum payment, since it is the one that will generate the most interest.
2023-11-27 23:00:39
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