On some occasions, whether due to personal problems or without realizing it, we exceed the expenses we make with the credit card, and when we pay the monthly fee we do not have enough money.
Therefore, in order not to be reported negatively in the credit registry and lower our credit rating, it is preferable to make the partial payment with the minimum indicated in the account statement.
Take into account the following recommendations of the Association of Banks of Peru (Asbanc):
1) Do it only in an emergency: If you reach the payment date with financial problems, make the minimum payment, but that is only exceptionally, otherwise it will take you a long time to pay off your debt and you could over-debt.
2) Making the minimum payment avoids the collection of penalties and being reported negatively in the Risk Center for non-payment.
3) By making the minimum payment you will only be paying the interest, commissions and insurance of the credit card and only a small part of the consumption not purchased in installments.
4) The amount that was pending will be charged in the following account statements, in addition to the compensatory interest, plus the new consumption, commissions and insurance until the total payment of the debt is completed.
5) Always remember to incorporate into your budget the consumption paid with a credit card to control spending and pay the debt for the month without resorting to the minimum payment.
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? The president of the Council of Ministers, Guido Bellido, announced today that at the end of this fiscal year, 280,000 temporary jobs will have been created with the Trabaja Perú program. https://t.co/cgPBxmHSi3 pic.twitter.com/816yDk2cd8
– Andean Agency (@Agencia_Andina) August 26, 2021
(FIN) NDP / MDV