Learn how to have more financial freedom by renegotiating, transferring, or consolidating credits.

Reduce installments, consolidate debts, and negotiate better conditions can give you financial relief.

Renegotiating, transferring, or consolidating credits can be an excellent way to gain more financial freedom. It can mean more room in the budget, less stress, and a clearer path to getting out of debt.

Notice how each of these options can help you achieve greater financial freedom: 

Renegotiation of credits

It consists of contacting your financial institution to request better conditions on the credit you already have (such as personal, car, or mortgage credit).

Can ask for: 

• Extending the payment deadline (reduces the monthly installment, but increases the total cost);  

• Download the interest rate;

• Negotiate a temporary grace period (only paying interest for a few months).  

Advantages:  

• Immediate relief in the monthly budget;  

• Avoid non-compliance situations.

Find out more: Mortgage renegotiation: How to improve the conditions of your loan

Transfer of credits

When you transfer your credit from one entity to another because the other one offers better conditions (lower interest rates, longer terms, etc.).

Example: Transfer your mortgage to another bank with a lower interest rate.

Advantages:  

• Reduce the total cost of credit;  

• You can save hundreds or even thousands of euros over time.

• Can get extra conditions (eg: commission exemptions or cheaper insurance).  

Read also: Transfer of home credit: What you need to know to change banks.

Credit consolidation

Combines multiple credits into one, e.g., personal loans, credit cards, among others. Instead of multiple installments, you now have only one monthly installment, with a lower interest rate and extended term.

Advantages:  

• Lower monthly installments.

• Greater financial control (all in one payment);

• Less risk of default.

Read more: Which credits can I consolidate?

Despite seeming like "magical" solutions, these options must be carefully evaluated. For example, extending deadlines reduces the installment, but can increase the total cost. The ideal is to seek simulations and the help of a credit intermediary who advises and handles the entire process!

The intermediaries of Poupança no Minuto will find the best proposal on the market for you, according to what you are looking for, to save you from headaches and help you save to achieve your financial freedom.

Simulate now the mortgage credit transfer or debt consolidation, below: