the large interest rate gap

Gasoline, food, appliances, school supplies: budgeting is becoming increasingly complex as inflation hit 5.8% year-on-year in August, according to the National Institute of Statistics and Economic Studies. “Almost one in two French people is discovered at least once a year. An increase can be expected this year due to higher prices “analyzes Basile Duval, spokesperson for the bank rate comparator Panorabanques.

However, an account in red leads to a litany of fees. In the event of an authorized overdraft, premiums of around 15% must be taken into consideration. But, in addition to the authorized amount, or in the absence of authorization, the customer pays the intervention commissions (8 euros, with a maximum ceiling of 80 euros per month), without counting the higher premiums (up to 21.11%) and ancillary costs (information letter on account of debt of 10 euros on average, etc.). “The use of consumer credit is sometimes used as an alternative to the overdraft, because it costs less, but it is not an act to be taken lightly”warns Mr. Duval.

The production of personal loans has therefore increased by 19.3% in one year compared to the first five months of the year, according to the French Association of Financial Companies, while revolving loans (a reserve of money that the customer can draw on) increase by 20.5%.

But beware, consumer credit is not meant to fill the supermarket trolley. It is made to finance a specific project (car, job, vacation, etc.) whose amount exceeds your budget. Specialized credit institutions (Cetelem, Cofidis, Sofinco, Oney, Younited, etc.) and banks can lend up to the regulatory ceiling of 75,000 euros without asking the customer for an invoice: the customer can then use the borrowed money at will. . This is not the case with allocated credits, directly linked to the purchase of an asset, such as a vehicle, and subscribed at the point of sale.

Ask your bank

Institutions change their offers very regularly, sometimes several times a month, depending on the rates of the financial markets, competition and promotions (back to school, holidays, etc.). “Rates have been rising since the beginning of the year. We have to challenge the competition, because the offers vary by a factor of two, or even more, from one structure to another “adds Mr. Duval.

It is possible to carry out simulations on the websites of specialized shops, but it is also good to ask your bank. She knows her client well, which often allows her to offer attractive rates. Be careful, however, not to be seduced by certain promotional offers at discounted rates, sometimes lower than 1%, whose conditions apply only to very high amounts repaid in very short periods (twelve months), which result in excessive monthly payment. At the rate of 0.48%, for example, you have to pay 548 euros per month to pay back 7,000 euros in twelve months.

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