Clipping of news on Brazilian Culture, Law and Citizenship
01.02.2016
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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Simulation shows how much a consumer with fixed monthly expenses should the end of the year always paying the minimum installment
The revolving credit card is triggered when the consumer pays less than the full amount of the monthly bill. With the highest rate among the types of credit, closing last December to 431.4% a year, according to the Central Bank (BC), the rotary is used for occasional emergencies. However, if the minimum payment (20% on average) was adopted every month, how much would the debt at the end of the year?
Card rotating the bad debt is the highest among the types of credit, according to BC
iG has modeled and found out that in December, the debt of a person with monthly bills of R $ 1000 would reach R $ 6,890.94. This is an increase of 689%, almost seven times caused by the effect of interest on interest, and tax implications. In the hypothetical situation, the annual rate as in December was diluted between the months (14.93%) and the calculation of interest, was included in the Tax on Financial Operations (IOF), 0.65%, on top of all remaining monthly figures.
The simulation was carried out without taking into account a possible limit credit card, which would bar operations according to it was gradually reduced to zero - well before reaching December, probably. Default interest (2%) and the burdens for the delay (1%) were also left out. "When the minimum payment is made, there is no incidence of late payments and other charges for delay. That's because it allowed the customer to pay the minimum, "explains economist and mathematician José Dutra Vieira Sobrinho.
At the end of February, the initial invoice R $ 1000 turns into an account already R $ 1,778.58. The amount is the result of incidence of 15.56% interest on the remaining R $ 800 the first bill, the increase of R $ 1,000 in current month expenses and a new minimum payment, this time not more than R $ 200 but R $ 385.90. "Increased effect on the minimum installment is another factor, which turns into a snowball," adds Dutra.
Negotiation
Card issuers and financial institutions are not required to spread the debt credit card. The debt resulting from amounts outstanding on bills after the due date will be charged to the consumer to quit. However, high amounts open loopholes for good negotiations. "The ideal is not to the rotary. But if the situation tightening is possible to achieve greatly reduce the value with the bank. After a while, a debt of R $ 20,000 can be settled with a payment of $ 2000, for example. The bank will prefer to receive some amount than continue with a defaulter, "says the expert.
The default Rotary is the highest among the forms of loans to individuals. According to the Central Bank in September last year the rate of bad debtors - those who keep late more than 90 days - stood at 38.9%, the highest since January 2012 (38.3%).
Source: IG
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This article was translated by an automatic translation system, and was therefore not reviewed by people.