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Lula signs decree to change credit cards for people with CPFs from 0 to 9!

Lula signs decree to change credit cards for people with CPFs from 0 to 9!

The last punishment for Federal Law No. 14,690/23 This brings fundamental changes to the operation of revolving credit in Brazil for all citizens, from CPFs 0 to 9. Legislative movementled by the President Luiz Inacio Lula da SilvaIt aims to balance the scale of financial justice and provide better credit conditions for Brazilians.

Previously known for high interest rates, the new revolving credit regulations represent a positive change that promises to transform the way consumers manage their personal finances.

What changes with the new revolving credit regulations?

With the new law, the interest on revolving credit has a specific maximum: it cannot exceed twice the original amount of the debt. This means that if the consumer has 100 BRL credit card debtThe total, including interest and fees, cannot exceed R$200. This measure seeks to prevent Brazilians from accumulating unpayable debt, allowing for more efficient financial control.

How can interest rate reduction benefit the average citizen?

This new legislation comes in the context of Where interest rates are astronomicalwhich could previously have reached 431.6% Every year, many consumers are caught in a vicious cycle of debt. Such as New limitMore Brazilians are expected to be able to get out of debt in a sustainable way, without seriously compromising their income and quality of life.

How important is debt portability in the new context?

The law also provides a debt transfer mechanism, which allows consumers to transfer their outstanding credit card balances from one institution to another at no additional cost from one institution to another. July 1, 2024.

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This initiative encourages competition among financial institutions, allowing consumers to choose options with more advantageous interest rates. This flexibility is vital to improving the financial decision-making process of consumers.

New Credit Card Law: Limited Benefit, More Power for the Consumer

a Federal Law No. 14,690/23This law, which came into effect on January 3, 2024, brought about major changes in revolving credit, with a focus on consumer protection and combating over-indebtedness.

1. Main advantages of the new law:

  • Limited interest: Interest on revolving credit is now limited to 100% of the amount of the debt, meaning the most you will pay in interest will be the initial amount of your debt.
  • More competition between banks: The new law encourages competition among financial institutions, which could lead to lower interest rates and improved credit conditions for consumers.
  • Greater power of choice and financial control: With lower interest rates and clearer information about fees and charges, consumers have greater choice and control over their finances.

2. Impact on consumer life:

The new credit card law represents a major step forward in consumer protection and financial fairness. With limited interest, consumers can avoid over-indebtedness and have more peace of mind when using their credit cards. Moreover, increased competition among banks could lead to better credit conditions for everyone.

Increase Your Credit Card Limit: Tips and Strategies to Get More Credit in 2024!

Photo by cookie_studio on Freepik

Do you want to increase your credit card limit and gain more purchasing power? With the new credit card rules in place, this could be a great opportunity to take advantage of the best terms and avoid abusive interest rates. Check out some tips:

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1. Increase Credit Limit: Good Payment History:

Pay your bills on time and avoid delays. This demonstrates financial responsibility and increases your chances of raising the maximum.

2. Increase your credit limit: Focus your spending on the card:

Use the card for most of your purchases, always within your budget. This shows the bank that you need a higher limit.

3. Increase Credit Limit: Updated Data:

Keep your registration information, such as income, address, and phone number, up to date with your financial institution.

4. Increase your credit limit: Prove your income:

Notify the bank of any salary increase or new source of income. Send recent receipts to prove your ability to pay.

5. Increase credit limit: Use of open finance:

This tool allows you to share your financial data with other institutions, which can help prove your financial health and increase your chances of getting a higher limit.

6. Increase credit limit: Request increase:

Contact your card company and request a limit increase, explaining the reasons and providing proof of income.

7. Increase credit limit: Patience:

The analysis process may take some time. Please continue to use your card responsibly while waiting for a response.

Remember if: Each financial institution has its own criteria for granting limit increases. Check with your credit card company to understand the requirements and application process.