Thousands of Colombians have had multiple debts for yearsthe option of purchases with credit cards, have led them to get into investments that have even left them in ruins.
However, as it is an obligation, these clients must comply with the payments in any way. That is why Colombian banks offer you a payment method.
Can read: Don’t drown in debt: Tips to be financially responsible
This is the purchase of portfolio by banks such as BBVA, Davivienda, Bancolombia, Colpatria and more entities, with the purpose of reduce the size of Colombian debts.
Purchasing a portfolio consists of transfer a partial or total balance from one financial institution to another that can offer you a better interest rate and extend the term of the payment of your obligations.
At this point, it is important that the debtor analyze the rates offered by the banks, which will bring a real improvement in their payments.
BancolombiaDavivienda, BBVA, Colpatria and the other banks in the country offer the purchase of portfolio. It is the person’s job to analyze which offers the most comfortable rate.
Another tip to avoid long-term debt is to shop with credit card with one or two installments maximum.
Read here: Was your Nequi account seized for debts from traffic fines? So you can unload it
On the other hand, Camilo Quiñones, manager of the fintech ‘Resolve your Debt’, explained to national media that another solution to these debts is to pay them initially with a larger credit card and thus avoiding exaggerated long-term interest.
“It is directly related to loan most expensive with the highest interest rate. By liquidating the one that takes most of the income, the total amount paid for interest can be reduced ”, he pointed out.
These are the interests that some banks have:
- Pichincha: 43.26% annual cash.
- Scotiabank Colpatria: 43.25%.
- Banco de Bogotá: 43.23%.
- Itau: 43.23%.
- Falabella Bank: 43.19%.
