Do you need to lower your credit fees? Experts identify four solutions – Human Resources

Doutor Finances, a company specializing in personal and family finance, recommends four solutions to reduce credit costs, in order to ease their burden on family budgets, in light of the continuing rise in interest rates.

Regarding housing credit, which is one of the expenses that most affects the family budget, if the bank is not open to renegotiation, transferring housing credit to another entity may be the most beneficial alternative in this case.

When we transfer credit to another institution, it is possible to change many contractual options, such as: the interest method (fixed or variable rate), increase or decrease the maturity period of the contract, reduce the spread, remove products linked to the home loan contract and even reduce the value of the insurance required by the banks. By changing insurance companies.

It is necessary to compare the proposals before taking this step to understand the best solution for our case and to check whether the bank where we will obtain the mortgage covers the transfer costs.

If you own property, you also have the potential to cut costs by taking out multiple option credit, which allows you to take out a second mortgage on the property. This value will practically be used to obtain an additional amount of financing, which can be used to repay other loans, such as car loans, personal loans, or others, thus reducing fees. However, for this to be viable, the bank will evaluate the maximum value and effort rate.

On the other hand, if you have more than two consumer credits, we should also consider using consolidated credit, which now has only one installment, with one interest rate, below the average interest rate on all loans. Credit consolidation allows most people to get better conditions and save up to 60% on monthly payments.

Finally, if you have a stable financial situation and significant savings, you can use part of it to pay off your balances. Amortization of credit consists of repaying all or part of the debt, immediately and in aggregate, thus reducing the costs of that loan. In the case of home loans, it is important to take into account that until the end of 2024, early repayment commissions are suspended for those who have a loan with a variable interest rate on their permanent home.