Credit card, a few years ago a bit exclusive, is today an extremely popular banking product. For some, it is a security and such people use it only in urgent needs, and others pay it for shopping almost every day. However, we must be aware of the fact that by paying with a credit card in stores, or by paying cash via an ATM at the ATM, we borrow money from the bank, and we know that what we borrow, we must give away in the future. And usually with interest, which in the case of credit cards are quite high. Unless we “cleverly” use the card and pay back the whole debt as soon as the bank sends us the settlement of the transaction, then we do not have to give back to the bank (unless we choose cash at the ATM). However, we can not always deal with the bank in this way. Very often, we borrow on the card up to the maximum limit and pay monthly only interest, and the minimum amount that the bank requires from us. As we have already mentioned, it costs us a bit of money, because the interest rate on credit cards is one of the highest on the market. In addition, we must realize that the credit card is not granted to us on the age of ages and on the date we have written in the contract, we will have to give all the money. For many people it is extremely difficult, because it is difficult for them to save the entire amount that we borrowed from the bank. Therefore, most often they go to the bank and try to renew the contract and postpone the repayment for another year or two. As it is easy to guess, this solution is quite expensive, because the bank can charge a commission for such a renewal, and we are still staying with a loan that is expensive.
However, there is a way out of this situation. Because a lot of banks give us the opportunity to repay the debt in installments. How does it look in practice? Well, let’s assume that we have debt on a credit card in the amount of PLN 6,000. We are approaching a deadline in which all debt should be repaid, but we know that we will not have enough money to give away the money. We can go to the bank in which we have a card or call his helpline and ask for the debt from the credit card to be paid in installments. We will receive a positive response in the vast majority of banks. The repayment can be spread even for 24 months, so our PLN 6,000 will be repaid in installments of PLN 250 plus interest. Of course, before making such a transaction, it is worth asking the bank if he will not charge a commission or charge other additional costs. It may turn out that a better solution will be to draw a cash loan from which you will repay the debt on the card. Usually, however, spreading the debt from the card into installments is profitable for us.
When we look for a bank where we will get a credit card, it is worth asking about the possibility of spreading the debt from it into installments. This may turn out to be a very good solution for us, which will save our home budget in the future.