Consolidated credit: Examples of how it can help those who will pay IRS this year.

Combine credits into a single installment and see how you can save hundreds of euros (with practical examples)  

If you have to pay IRS this year, you may be looking for ways to relieve pressure on your budget. Among cutting expenses and postponing some plans, there is an alternative that many are unaware of, but can make all the difference: debt consolidation.

What is consolidated credit?  

It is a financial solution that allows combining several credits into one, such as personal credit, car loans, or credit cards. Instead of paying several installments per month, you will only have one lower installment and a single payment date.  

In addition to simplification, the main benefit is the reduction of the total monthly fee, which can be crucial to balance the accounts if you have to pay IRS this year.

Practical example: How can it help those who have to pay IRS

Current situation:

Marta and Rui have:

• Car loan: €190/month

• Personal credit: 220€/month

• Credit card: €100/month  

Monthly total: 510€  

This year, they will have to pay 1,500€ in IRS and do not have that amount available. They are worried because they do not want to resort to more credit or default.

Solution: Consolidated credit  

We consolidate the three credits into one. After simulation with a financial entity, they achieve a new monthly installment of €330, with an extended deadline, but with a more competitive interest rate.

Result:  

• I save 180€ per month, which can now be used to pay the IRS in installments.

• Have greater control over monthly expenses;  

• Avoid resorting to more expensive solutions like credit card debt.  

Practical Example 2: Significant monthly savings with consolidated credit

João's situation:

João has three active credits.

• Personal loan: 350€/month

• Car loan: 280€ per month

• Two credit cards with minimum monthly payments: 150€/month.

Monthly total: 780€  

This year, you will have to pay €2,000 in income tax and are already feeling the tight budget.  

Solution: Consolidated Credit

After consulting a credit intermediary, João manages to consolidate everything into a single credit with a longer term and a lower interest rate. The new monthly installment is 460€.

Result:

• 320€ savings per month!

• Immediate budget relief, allowing:  

Pay IRS in 4-5 months with monthly installments, without resorting to additional credit.

Begin creating an emergency fund.

Improve your effort rate, preparing for future goals (ex: moving to a new house).  

Attention to these points before consolidating: 

• Compare various proposals and check the APR and the TCC (total cost of credit).  

• There may be costs associated with consolidation, such as early repayment commissions.

• Not all profiles are eligible - it is necessary to have borrowing capacity and a history of compliance.  

To do so, it is essential to have support by your side when looking for consolidated credit proposals and choosing the ideal proposal for you. The credit intermediaries of Poupança no Minuto help in this whole process, taking care of all the bureaucracy, at no cost! (Contact them at https://www.poupancanominuto.com/contacto)

Apply for your consolidated credit now here and discover the best proposal on the market, to find out how much you can save:  

Read more: Consolidated credit: The solution to simplify your debts