The option of minimum payment on the credit card allows you to continue with a good score in the Credit Bureau, as well as avoiding the collection of late interest and disqualification of the plastic, but on the other hand the debt can increase causing a long-term financial problem. .
The National Commission for the Protection and Defense of Users of Financial Services (Condusef), explained that covering the minimum amount causes the time to settle the debt to be extended and the total balance to be covered is much higher.
As an example, the dependency put a total debt of 15 thousand pesos with the requirement of a minimum payment of 225 pesos per month, in banks such as Afirme more than 240 payments (monthly) are needed and the sum of 86 thousand 143.74 pesos will have to be covered. .
In other financial institutions such as HSBC, it would end up paying 66 thousand 998.15 pesos, Santander 62 thousand 11.77 pesos and Citibanamex 57 thousand 288.99, which is not recommended for the users’ pockets.
However, by increasing the payment, the situation improves. Paying 750 in BanRegio will require 93 payments and the total balance will reach 28,507.71 pesos. In Bancomer, when covering 3,000 pesos, only six payments will be needed and the total will reach 16,510.94 pesos. pesos.
In this way, the minimum payment, which is a percentage of the total debt for the use of the plastic and the outstanding monthly installments, will depend on each bank and ranges between 2% and 5%, therefore cardholders must cover interest for the rest of the balance not covered and by doing it month after month the debt increases.
If concepts such as annuity, opening, cash withdrawals are added to this, the situation can be increasingly adverse for personal finances.
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