The first installment of the thirteenth salary is paid by November 30 of each year. The second installment is paid until December 20th. With the two installments paid only at the end of the year, the question often arises of whether it is worth anticipating the 13th to pay debts.
As a common doubt and desire, banks often have the service known as anticipating the thirteenth salary. With the service, it is possible to anticipate the benefit amount, with interest added. But is the practice worth it?
Is it worth anticipating the 13th salary?
Not all banks offer the anticipation of the 13th salary. Therefore, before considering whether or not to use the service, you need to check if your bank offers. If so, it is important to take into account factors like interest to conclude if it is worth it. In the case of high interest rates, it is worth considering waiting for the traditional 13th date to pay off debt.
But in the case of debts in which interest rates rise a lot and daily, such as overdraft and credit card, the advance is valid as it eliminates the obligation to pay high and rising interest. Remember that paying off debts takes a weight off your back, clears your name and increases your credit score. This means that by paying them you can get closer to realizing dreams like buying a car or property.
When is it worth it?
First of all, it is important to remember that anticipation is actually a loan. The fact that the 13th salary exists is the bank’s guarantee that the loan will be paid off. Therefore, anticipation should not be used in any situation or at all times. The practice is recommended in cases of acquisition of goods or financing, for example. In such cases, the advance is to pay one or more installments.
With the amount of anticipation in hand, it is best to start with the higher debts, which carry the highest interest rates. Give preference to the debt that has a high end value and is constantly growing. With the cash in hand, contact the creditor company and negotiate cash payment discounts.
What to do when the 13th salary is not enough?
Depending on the amount of the debt, the 13th salary may not pay the full amount. But, as already mentioned, the value can serve to at least alleviate debt, with priority to the highest. Even if the amount is not settled, it is worth signaling to the creditor company the beginning of the payment and negotiating installments that do not compromise so much the monthly expenses.
What about payroll loans?
Another way to pay debts is with payroll loans. This option even has lower interest rates than anticipation of the 13th. With this option, the bank has more guarantees that it will receive the money back, as the money from the 13th salary is guaranteed, except in cases of dismissal. In the case of payroll-deductible loans, the installments are directly discounted in the INSS or payroll.