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Credit or debit: Why is it important to choose wisely?

Credit or debit? Who pays your card purchases is tired of hearing this question. While making the choice seems simple, deciding between the two forms of payment involves some issues, which should be carefully considered to avoid compromising the budget.

To help you, we have prepared this content that explains the difference between credit and debit, pointing out in which situations each option is most advantageous and why it is important to make the choice with awareness. Good reading


What is the difference between credit or debit?

What is the difference between credit or debit?

You may already be tired of knowing, but it costs nothing to remember the mechanism of operation of credit and debit cards.

On debit, the customer makes the payment as if they were making a direct bank transfer to the merchant. The money goes out of your account immediately and goes to the shopkeeper’s account. Debit cards do not charge fees for their use. On the other hand, they do not allow the accumulation of miles or the installation of purchases.

In credit, purchases can be made up to a pre-set limit by the card-issuing bank and are accrued on a monthly invoice. Typically, an annuity is charged and there are loyalty programs that allow you to exchange your accumulated points for goods and services.


When to use credit?


If used responsibly, the credit card is a good ally for those who want to plan their monthly finances. By concentrating expenses on it, it’s easier to pay for everything that was spent over the month on the invoice due date.

Credit is also a good option when it comes to installments of larger amounts. In addition, the accumulated points can be interesting and result in good exchanges.

However, this payment option quickly becomes a trap if used without control. Therefore, spending must be kept in line with expected income in the coming months and not based on the bank’s limit – which is often greater than the consumer’s ability to pay.

Credit card interest accrues on overdue or unpaid invoices. They are among the highest in the market, with rates of around 274% per year.


When to use debt?

When to use debt?

Those who need to keep their spending under control should always opt for the debit card, as it allows purchases only according to the available cash. This way, it is as if payments are being made in cash.

Debt also provides security for those who don’t want to carry cash in their wallets or purse. In case of loss or theft, simply lock the card to avoid injury. Finally, debit cards are more widely accepted in commerce and with some conversation, you can negotiate a discount on payments made through certain merchants.

Whether it’s credit or debit card, it’s important that any purchase is made with awareness, right? In both options the money will come out of your pocket. Therefore, every penny must be valued and spent according to careful financial planning.

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Letter of Credit: We got the top 4 questions

The goal of everyone entering a consortium is to be contemplated and receiving the long-awaited letter of credit. She is the one who allows the acquisition of the good or service by the consortium member.

Because it is so important, this subject still raises many questions. Thus, we listed 4 most common questions about the letter of credit, such as issues involving its receipt, use and correction of values. Keep up!


1. What is a letter of credit?

credit loan

The letter of credit is the document that every consortium member receives when contemplated. With it you can buy a good or hire a service according to the stipulated value.

To enjoy the letter of credit, you need to be aware that it is an instrument with an exclusive purpose. This means that the recipient can only use it to purchase products that fall into the category determined by the consortium.

In summary, there are three main categories of consortia: real estate, which allows the purchase of any type of property, vehicles, which entitles the purchase of cars of different models, and services, which allows the contraction of travel. , makeovers or aesthetic treatments, for example.


2. How to get a letter of credit?

credit loan

The safest way to get a letter of credit is by hiring a consortium. With planning and choosing a reliable company, the chances of problems are slim.

Current legislation does not prevent contemplated cards from being purchased. However, this is a bureaucratic process that involves several legal obligations. Also, there is always a risk of falling into scams. Therefore, the ideal is to avoid this procedure.


3. How is the value of the letter of credit updated?

3. How is the value of the <a href=letter of credit updated?” />

So the letter of credit does not lose purchasing power throughout the consortium, its value is updated periodically. This correction is made following the rules established in the contract, but it is common for it to follow market-established indexes, such as the National Construction Cost Index (INCC) or the General Market Price Index (IGP-M).

The update of the letter of credit also makes the value of the corrected installments, so that the group can honor its commitments and all members can buy the good or contract the desired service.


4. How to accelerate contemplation?

credit loan

The most common way to be contemplated in a consortium is through raffles made at assemblies. For those who want to accelerate this process, the alternative is bidding. The bid is an offer of advance of the installments made by the consortium. There are three main ways to bid:

  • free throw, where any amount may be offered and the best bid wins;

  • fixed bid, in which it is necessary to give a value according to the established in the contract;

  • embedded bid, where a part of the letter of credit is bid.

Bidding is a great strategy for those in a little hurry. However, you need to carefully check the rules imposed by the administrator. These standards may vary from company to company.

Understanding how the letter of credit works and can be used makes it easy to understand why a consortium is a great option to realize your dreams!

Still any questions? Thinking about hiring a consortium? Contact Rode Brothers, we are ready to serve you!

Mortgage transfer

Switching from mortgages sometimes offers major benefits: a lower mortgage interest rate, better conditions or the option to adjust your mortgage. But it is important that you calculate well whether switching is beneficial for you and that you arrange everything properly. That is why you will find a checklist for transferring your mortgage in this article.

Mortgage transfer – Mortgage interest

Mortgage transfer - Mortgage interest

First of all, you investigate what the current mortgage interest rate is. Is the mortgage interest rate low now, but do you still pay a high interest rate? Then switching often provides benefits. But which bank has the greatest benefit? Here you can compare the mortgage rates of all banks. With this you calculate how much you will pay in the coming years in interest when you switch. You then place this next to the amount that you pay if you do not switch. How much do you save?

Switching from mortgage – Conditions

In addition to the mortgage interest, the conditions also play an important role. What does a bank do if you are temporarily unable to pay? How much can you possibly pay off without penalty? You may come across a few conditions with your own mortgage that you have difficulty with. So make sure you only switch to a mortgage with good conditions.

Mortgage transfer at another bank – Fine

Mortgage transfer at another bank - Fine

If you retake your mortgage, you are in fact redeeming your mortgage debt early. The bank misses out on income from the interest that it did expect. That is why some banks charge a fine if you switch to another bank. An exemption does apply, for example for 10 or 20 percent of the outstanding mortgage debt. The amount of the fine depends on your situation, so always ask the bank where you can count on.

Switching from mortgage – Other costs

Switching from mortgage - Other costs

In addition to the penalty interest that you sometimes pay, the mandatory mortgage advice costs money and you pay closing costs for the new mortgage. These differ per bank, so include them in the comparison. You must also register the mortgage deed again in the registers of the Land Registry. For this you pay around 400 to 1,000 euros. Each notary uses different rates, so ask a different notary for a quote.

Transfer mortgage to another bank – Choose the right time

For the cost it is important that you choose the right time to transfer your mortgage. Of course you prefer to pay the lowest possible mortgage interest . With a low interest rate, switching is therefore more attractive than when the interest is high. In addition, in some situations you never pay a penalty interest for converting your mortgage, namely:

  • if you pay variable interest;
  • when you move;
  • when the fixed-interest period expires;
  • if the current mortgage interest rate at your mortgage provider is higher than the interest you pay.

Switch from mortgage – Choose the right advisor

Finally, you make a choice for a good mortgage adviser. You can choose an independent adviser or an adviser from a certain bank. An independent adviser costs more, but this independent advice often results in greater savings than if you opt for a bank adviser. The independent advisor looks at all the mortgages for you, so you can then take out the mortgage that is really the most beneficial and attractive for you. Finally, the adviser helps you switch mortgage.

How to save on your mortgage

It is very important to save especially during these difficult times. So the best advice anyone can give you is to sign up for the right mortgage that is appropriate for your budget. has more information

Mortgages are calculated based on the type of interest you have chosen. This is based on the interest rate and the duration of the mortgage. The shorter the payment period, the higher the bill each month, however, the higher the monthly bill, the shorter the payment period.

It’s all about how much you can afford. Create a budget and consider how much you can actually pay in a month. Think long term. Will you still benefit from this particular amount in two, three years? Do you have enough savings in case an unforeseen accident occurs? How long can you continue to pay the mortgage?

Buy or rent?

Buy or rent?

This is how some lenders calculate how much they can lend you. The payment of your home is your total mortgage payment put in place based on your monthly income and the total debt ratio – which estimates that you can pay as a whole.

That is why there is also the question of “Should I buy or rent?” If the person is not yet financially stable, it is better that she rent in the meantime. However, the calculations show that leasing expenses are somewhat similar to the signing of a residential mortgage.

In addition, there is a great sense of pride in owning your own home. But with that comes the responsibility of paying your bills on time. In addition, now that you own, you must also set aside a significant portion of your salary for taxes. Owning a home also means paying municipal taxes for such utilities in addition to heating, electricity and repairs.

To help you decide, consider whether choosing a home is right for you right now. Determine if you have enough income to buy your own home. If not, then it is better that you rent.

Know the rates

cashNow here’s where mortgage rates come in. Start by checking the interest rate and rate movements of a specific mortgage loan for the type you will be subscribing to. Mortgage rates depend on many factors. Keep an eye on the stock market and mortgage market trends to know the secrets on the direction of your mortgage.

You must also study the APR or annual percentage rate. By law, mortgage companies are required to disclose the APR to their clients. That’s how they should announce this rate. This is mandatory so that people who are registered with them will be aware of where their rate is going. It represents the actual cost of the loan to the borrower and can be seen in depth when the annual rate is presented. This prevents lenders from hiding fees and for customers to have a transparent relationship with their mortgage broker.

Whenever possible, try to meet the lender personally. When money is involved, the personal arrangements are better because not only can you better clarify, you can also get a better idea of ​​who the person on the line is or who receives your emails.

Are you ready?


Now that you’ve met your broker, know your APR, study the stock market, you’re ready to lock in your rate. This means that you are ready to engage with a lender and the lender is bound to a promise of this certain interest rate.

From there, you have to work on a budget. You must set aside a specific amount of your salary for your mortgage; and, if you can pay faster, why not? If you have extra money, talk to your lender and ask if you can pay a higher amount.

For a good credit history, always pay more, not less. Pay on time, not late. This is to make sure that you will not have trouble dealing with insurance issues in the future. With the right decision and the right budget, you will have no problem with the money. It’s just having the discipline to create a budget, stick to it and pay on time.
If organized as such, note that you could even save a few dollars.

Have you heard about overdraft?

Every day more and more people, without even realizing it, use the overdraft service. This service implies either a one-time fee or a short-term small loan. How does this happen? How can I get such a loan without knowing it? Everything is very simple. You write a check or make a purchase using a bank card, but you do not have enough funds in your account. The reason for this situation, usually one – the carelessness of the account holder, it is very rare when a technical error occurs on the side of the bank. Most often, you will be denied a transaction, but it also happens that a negative balance is formed on the account. So you have issued a service overdraft. It even happens that you have time to make several purchases until you know the whole truth.

When it comes to overdraft fees, not all banks are the same. Many banks leave debts on their current account, which undoubtedly minimizes your future expenses. It will be a little worse if the amount of the payment for it is added to the amount of debt and then you have to admit that they owe the bank more than they spent. And the worst option is to charge additional interest on your new loan. In rare cases, it is possible to refuse to pay for an overdraft, but having typed a few, you can not count on it.

Why do banks charge overdraft fees?

Why do banks charge overdraft fees?

There is a fairly reasonable answer to this question. Banks do not always want their customers to fall into overdraft, so they try to make it as expensive and not very convenient. At the same time, if the service is very expensive or too uncomfortable – you will think about changing the bank. Banks cannot refuse this service at all either, so they may lose some of their clients.
In this overdraft means that you used the money of the bank, that you owe him. Accordingly, the bank has some risks, because there is always a moment that you overspend your accounts and not return the money back, or return them with a long delay.

Does every bank have an overdraft service?

Does every bank have an overdraft service?

Not all banks provide this service. Some banks are more than reasonable approach to the issue of overdraft. They may offer you a loan for an overspending amount, but with a really small percentage. If you went to a minus on a credit card, then the percentage will be less than the principal.
There are banks that do not provide overdraft service at all. But this may not be the best option for the client, and in rare cases is not at all appropriate. So, some banks will not allow you to go into a minus on a credit card, but at the same time they will impose a penalty on you for an “extra” transaction. And besides shame at the checkout, you will also have another unpleasant collection.

There is also an opportunity to open a separate account from which money will be withdrawn in case you have reached an overdraft. But most often, banks charge a fee for such an opportunity. And the number of such transactions, as a rule, is limited.

Be attentive to your accounts and finances in general

Be attentive to your accounts and finances in general

If you keep track of your home money, keep track of your bank accounts and credit cards. Do not rely for sure on SMS notifications, there may always be technical failures. Check your balance and give a report to yourself, how much you spend, and how much money you have.

How to Get Money Quickly?

A job loss can happen to anyone and the reasons for dismissal are numerous: cut in the staff, the lower income of the company, restructuring, merger or bankruptcy of the employer.

If you are in this unfortunate situation, you know that it can hardly be lived!

Among the inconveniences of a layoff, the financial side is undoubtedly the one that is the most stressful: it is not because we have more salary than we no longer have current expenses! To be able to cover these, you may have to try to find money quickly after losing your job.

Here are some steps to guide you in your steps. Of course, these solutions should be parallel to a search for a new position and can not replace it. But they can help you avoid difficult situations while you get back on your feet!

Review your budget


One of the first steps will undoubtedly be to review your budget.

You will have to cut in your unnecessary expenses. For example, it would be wise to postpone the holidays that were planned outside the country.

By adjusting your financial plan, you may be able to have more money on hand for monthly expenses.

The management of your personal finances is undoubtedly a step to privilege!

Use your savings to access money quickly

Use your savings to access money quickly

If you have been able to accumulate money for the unexpected, it’s time to get a few dollars!

Be careful, tap into your reserves must be done with certain precautions not to squander all savings accumulated. When the storm is over, you will be free to start saving again.

Insurance or compensation for loss of employment


Usually, insurance companies offer benefits related to layoff. If you have purchased such insurance, be sure to apply to your broker.

In addition, you could borrow money from your permanent life insurance policy to help cover the costs.

On a different note, check to see if your employer offers you severance pay. It is advisable to use it exclusively for priority payments.

Get government support for money after you lose your job

The federal government provides financial assistance to individuals in precarious situations, such as Employment Insurance benefits.

Find out about eligibility requirements for such a program on the internet or by contacting Employment Insurance directly.

It is advisable to apply for unemployment as soon as possible, as this request may take a long time to process and your need for money will not wait.

Consult a financial advisor

It is also suggested to consult a financial advisor who will be able to guide you according to your situation.

Finally, call your creditors to inform them of your new situation and see if it is possible to negotiate arrangements as needed. This could help you for a while and allow you to get your head out of the water!

What you must remember

As you can see, there are fortunately opportunities to receive money quickly after a job loss!

Bank Lending Loans offers personal loans online, which are just right in several other types of precarious economic situations.

How to invest money besides saving?

Many people are afraid of the complexity of the financial market and end up failing to invest. Some investments are even a little riskier, but there are other investment options other than just savings.

If you already have a financial reserve and want to increase your income, but do not know how to invest money in other forms of application, here are the four essential tips you can not forget to help with this task! Check-out:

Reflect on your profile as an investor

Reflect on your profile as an investor

Some forms of investment are riskier than others, so you should seek the investment option that best fits your personal characteristics.

If you are conservative and you are looking for income greater than savings, you should apply for funds in fixed income funds, for example. Despite their lower income, fixed income funds are low risk and more predictable. This is the same case of private pension.

But if you have greater risk tolerance, there are bolder forms of how to invest money, as in stock market, for example. Your valuation can be extremely advantageous in financial terms, but it is important that you be aware of its volatility.

Diversify your investments

Diversify your investments

How to invest money more safely? The main way to do this is the diversification of the investments, which greatly reduces the risk of losses, because it reduces the possible impacts of an investment with bad results, since other investments lessen the losses of a possible unsuccessful investment.

You can also vary your applications in different scopes:

  • Classes of investment – which may be shares, debentures, debt securities, etc .;

  • Geographic regions – which can be the composition of European, North American, Brazilian and other places in the world;

  • Currency – since it is possible to invest in US dollars, reais, euros, etc.

By diversifying your investments to the maximum, you will have a composition of your extremely heterogeneous portfolio, which better balance risk factors.

Be sure to make long-term investments

Be sure to make long-term investments

When one asks how to invest money wisely, one idea is to think about the maturity of these applications. Keep in mind that some investments are only worthwhile if they are long term. These yields are usually less variable. Over time, fluctuations fall into certain trends (valuation or devaluation), so that you better understand the future to which each investment walks.

Think hard before choosing how to invest money and which investment to choose

Think hard before choosing how to invest money and which investment to choose

It is not enough to have the money on hand to make it pay off. It is necessary to reduce losses through a choice of applications more judiciously. How do you do this if you are not from the area? Initially, talk to your account manager or investor. It can inform you about the performance of investment funds, stocks, companies and the financial market. Also, it is important that you do not despair in times of financial fluctuation.