Without a doubt, using the gratification to pay off the debts that you acquired during the last months is a very wise decision and also difficult to make, especially for finding us during the Christmas season and the end of the year.
But the truth is that the earlier you cancel a debt, the less interest you will have to pay for it, that is, what you really do is save, so using extra money to take care of your financial obligations is a fairly responsible action. Now, to get the most out of this gratification and the payment of debts, consider these tips:
Cancel the debts that interest you the most
Remember that the less you delay in canceling a debt, the less interest you pay and the higher the interest you are charged, the greater the savings will be when you cancel it. Compare all the debts you have to see which one will be chosen.
If you are late, negotiate with your bank: If the problem is that you have a delay of several months, talk to your bank about a refinance. Usually they ask you to pay an initial amount and with that the rest of the installments are rearranged.
If you are not late, seek to eliminate a debt altogether
If you do not have many debts and you are not late in any, another criterion that you could consider is what is the debt that is already at the door of canceling, that way you can use your grati to totally get out of it.
If you have no debt, it does not mean that the best decision is to spend your gratification regardless of tomorrow. Spend a percentage and with what is left open a fixed term deposit, so save the money and in turn earn interest.