What to do if you have nothing to pay with
Posted: Wed Feb 19, 2025 5:07 am
To reduce the financial burden, you may have to switch to savings mode for a while. You can reduce spending on coffee, sweets, cancel unnecessary online subscriptions, choose more favorable mobile and Internet tariffs, refuse to go to cafes, restaurants and beauty salons. Once you pay off the debt, you can return to your usual way of life.
If you understand that you will soon be unable to repay your creditors, you need to act in advance. As long as there are no delays, you have more opportunities to solve the problem.
Refinancing
If you can't pay off the limit quickly, you can significantly reduce the payment and overpayments with the help of refinancing. You will turn the card into a consumer loan with a lower interest rate and a small monthly payment. But the downside of the loan is that you will not be able to use the funds you deposited again - they will immediately go to the bank.
Banks almost never refinance their own products, because it ukraine mobile database is not profitable for them. To find a suitable refinancing program, you need to contact another lender. Usually, banks offer favorable refinancing terms, as they try to lure reliable borrowers from each other.
New credit card
If you are waiting for funds to arrive and want to have time to pay off the limit before the end of the grace period, you can apply for a new card and transfer money from it to the old one. After this, you will have to close the old one so as not to multiply the loans.
This is not worth doing if you will not have the funds to close the entire limit in the near future. In such a situation, it is more correct to choose refinancing or restructuring.
Consumer loan for the remaining amount
This is roughly the same as refinancing, but the paperwork will be simpler: you won’t have to prepare documents about your credit card debt and report on where the credit funds went. In addition, you will be able to keep the card and continue using it within the new grace period.
Choose consumer loans from banks that offer you good conditions - for example, because you are a depositor or a reliable borrower.
If you understand that you will soon be unable to repay your creditors, you need to act in advance. As long as there are no delays, you have more opportunities to solve the problem.
Refinancing
If you can't pay off the limit quickly, you can significantly reduce the payment and overpayments with the help of refinancing. You will turn the card into a consumer loan with a lower interest rate and a small monthly payment. But the downside of the loan is that you will not be able to use the funds you deposited again - they will immediately go to the bank.
Banks almost never refinance their own products, because it ukraine mobile database is not profitable for them. To find a suitable refinancing program, you need to contact another lender. Usually, banks offer favorable refinancing terms, as they try to lure reliable borrowers from each other.
New credit card
If you are waiting for funds to arrive and want to have time to pay off the limit before the end of the grace period, you can apply for a new card and transfer money from it to the old one. After this, you will have to close the old one so as not to multiply the loans.
This is not worth doing if you will not have the funds to close the entire limit in the near future. In such a situation, it is more correct to choose refinancing or restructuring.
Consumer loan for the remaining amount
This is roughly the same as refinancing, but the paperwork will be simpler: you won’t have to prepare documents about your credit card debt and report on where the credit funds went. In addition, you will be able to keep the card and continue using it within the new grace period.
Choose consumer loans from banks that offer you good conditions - for example, because you are a depositor or a reliable borrower.