If when you go to almost any site, they offer you to make a credit card with which to "pay in comfortable installments" all the purchases made with that credit card, do not bite.
Yes, it may seem like a good option to pay €100 every month, for example when you have made purchases worth €1,200 that month with the card, but this is not entirely true. This type of credit is actually a revolving card.
"Monthly fixed fee", "deferred fixed payment"... These are some of the terms that, in reality, conceal revolving credits, marketed through cards associated with large banks or commercial brands.
The problems of the cards and their modality "pay in easy installments"
Yes, pay in comfortable installments, but with high interest. That is one of the great drawbacks of revolving cards that those who sell you the motorcycle forget to mention.
The interests of this type of credit are close to 15% APR the most recent and, if the credit card was contracted several years ago, you may find that the interest is close to 25% APR.
Likewise, revolving cards have higher commissions than the temperature of Seville in August that customers have to pay and accumulate to the debt month after month. In the example above, where €100 was paid despite spending €1,200, the person affected by the revolving card will see how those €1,100 are added to their debt the following month, which generates interest and commissions. The following month, despite spending €0 with the revolving, you will already have an accumulated debt of more than €1,100, and you will pay only €100 again, adding interest again. In short, an endless vicious circle.
Revolving cards can be claimed
Revolving credit cards can be claimed and in most cases with a favorable result for the person who has endorsed the card. If this is your case and you want to end the debt before judgment day, contact us.