How does credit card debt repair work? On September 27, 2016, millions of credit card debtors finally breathed a sigh of relief. Thanks to a statement published in the decree, debtors are offered the opportunity to pay the debt more easily.
How Does Credit Card Debt Repair Work?
Thanks to this system, which makes a great contribution to the development of the country’s economy, it is possible to restructure debt for a period of 36 to 72 months. Let’s take a look at the details of this offer, which brings great benefits to credit card borrowers:
Short Term Payment Plan
Paying debts on your credit card to banks in small installments, you extend payments for a long time. This slightly eases the financial situation, but due to the long-term maturity, the interest rate on the loan creates a significant economic burden on the total debt. For this reason, with a short-term payment plan that will be created by dividing credit card debt by a shorter time, you have the option to pay your debts at reasonable installment rates, and you will not be affected by high interest rates.
To pay your debt in the short term, you create a new short-term payment plan with a term of 12 months or more. In some cases, debt restructuring through a bank in which you already have credit card debt may lead to cases where the application is considered not in your favor. In such cases, you need to contact a third-party bank with a request for a loan repair. Then, a 12-month loan repayment period can provide you with significant benefits.
For example, if you apply for a debt repair by taking a consumer loan of 10,000 $, you will receive a benefit of 3,330 $ after paying off the debt in accordance with the terms of structuring the loan. Thus, you do not have to pay fines for repair costs and high interest rates. Another thing you need to know about repairs is that, as stated in legal regulations, a credit card or consumer credit can be structured with a maturity of up to 72 months.
Long Term Payment Plan
Credit card debt can be paid with maturities up to 72 months. By applying for a loan repair for a period of 36 to 72 months, you can extend the terms of the loan maturity.