Secret Tips: Refinance your credit card, Restart your life

With the convenience of credit cards, many people have changed their spending behavior. It turns out that simple credit card payments, which are not our real money, make us unable to determine our spending as before, which leads to the problem of ‘credit card debt’ which is becoming a hot problem among Thai people. ACU PAY will tell you the secret to help reduce interest rates by using ‘credit card refinancing’. What steps are there? Let’s read this content.

What is Refinance?

Refinancing is a way to help us manage huge credit card debt and eventually get rid of it. Credit card refinancing can be done by combining all credit card debts with one bank or financial institution to make monthly payments in cheaper installments, reducing debt burden and extending repayment time.

Who does the refinancing suit?

This option is suitable for those who have many credit card debts with high amounts of repayment and pay minimum repayments for a long time but their debt isn’t reduced. If they use the wrong method such as opening a new credit card to pay for a debt of another credit card, the interest payment will not disappear. Refinancing credit cards will be another option for those who want to clear their credit card debts.

What are the benefits of Credit Card Refinance?

A refinancing that combines multiple credit card debt into one place allows us to pay a single lump of debt at cheaper interest rates rather than separating it at high interest rates.

How to start credit card refinancing?

1. Check the total amount of credit card debt

To apply for personal loans to suit the loan amount, start with setting a credit limit higher than existing ones because some financial institutions sometimes consider not giving full credit. In case of a loan lower than all debts, you should choose to repay the most expensive interest-bearing credit card debt to prevent rising interest in the future.

2. Apply for a personal loan at the lowest interest rate

Apply for personal loans with banks or financial institutions. You should choose the lowest interest rates and consider promotions, installment periods, and other conditions to suit your own purposes and repayment ability. The installment period is flexible from 18 to 60 months.

3. Choose promotion that fit you the most

Compare the promotions of each bank and choose a place that is most worthwhile and suitable for you. Currently, many banks or financial institutions are offering personal loan promotions to attract customers to apply, such as loans up to 3-5 times their income without collateral or guarantors, special interest reduction, or free of charge.

Refinancing credit cards is one of the solutions that enable one to manage debt beyond the ability to pay, have more installment time, and can be used to revolve around other expenses. However, the best way to manage credit card debt is to discipline the use of money and stop creating additional debts. Because if you do not stop creating debt, the credit card refinancing may not be an aid, but a repeat of the debt cycle that will never end.

So if we stop creating debt and change the discipline of spending money, then we’ll be able to manage our finances, save for emergency funds, or build on more investment.

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