Knowing Credit Card Restructuring

Here are a number of things that need to be known related to the restructuring of credit cards, if you have difficulty paying card installments.

Credit cards are indeed a great financial tool, offering ease of transactions and flexibility. However, without wise management, this instrument can ensnare you in a debt winding.

When unexpected conditions such as layoffs (termination of employment) or health problems make bills swell, pressure and confusion can arise.

But don’t give up. There is a solution, namely credit card restructuring, a golden opportunity to control your finances again.

Blog Skillife summarizes info from the media and official banking sites for a more complete discussion of this debt scheduling.

Know what is a credit card restructuring?

Credit card restructuring is a repayment scheme given by the bank to card owners who experience financial difficulties.

In this process, the bank and customers re -agree on lighter payment schemes, such as fixed installments, interest rates, or extension of tenor (time period).

For example, bills that had to be paid in full in one month can be converted into 12 -month installments with lower interest.

But of course, this submission must be accompanied by strong evidence that you really experience a decrease in financial capacity.

Schemes that can be submitted

There are several forms of credit card restructuring that are generally offered by banks, such as:

1. Re -scheduling installments (Schedule): Changing the payment tenor to be longer.
2. Flower decrease: The bank reduces interest to about 1% per month, far below the regular interest 2-3%.
3. Elimination of late fines: Under certain conditions, banks can provide relaxation in the form of exemption from fines.
4. Fixed installments (Repair installment packages): Total bills are converted into fixed monthly installments during a certain period.

Each option has its own advantages and consequences, so make sure you choose the most realistic scheme with current financial conditions.

How to submit a credit card restructuring

Act immediately if the bill is getting heavier. The faster, the opportunity to get a profitable solution is the greater. The following steps:

1. Contact the bank: Telephone call center Or go directly to the branch office. Explain your condition and why you have difficulty paying.
2. Convey the intention of restructuring: Affirm you want to submit Schedule or credit card restructuring. The bank will direct you.
3. Negotiation: Discuss the form of relief (reduction of interest, delay, or extension of tenor). Choose the installments that best suit financial capacity.
4. Understand the consequences: If approved, your credit card will most likely be blocked. That is, you cannot use it until the debt is paid off. This is natural, the goal is to pay off debt, not add.
5. Understand flowers: Restructuring interest is generally lighter, around 1% or less, far below the regular interest that can reach 3%.

The benefits and considerations of credit card restructuring

Submitting credit card restructuring gives several significant benefits:

1. Lighter installments: Longer tenors make monthly installments more affordable.
2. Avoid fines: You avoid the late delay in piling up.
3. Maintain credit score: Better there is a restructuring record than a total traffic credit card and results in a bad record at SLIK OJK (Financial Information Services Information System Financial Services).

However, consider carefully the consequences of blocking credit cards. This means you must be prepared not to use it until the debt is paid off, which can be an opportunity to learn to manage finances without short -term debt.

Facing a swollen credit card bill is not the end of everything. Credit card restructuring is one of the options that you can take in order to keep in control of finance.

However, don’t assume this is a long -term solution. The most important thing is to build healthy and realistic financial habits.

Because regulating debt will only be effective if accompanied by changes in better money management patterns. So, before getting deeper, let’s evaluate and take the right steps from now on.

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