Everything you should know about consolidated credit

This is a credit that aims to settle others, leaving the consumer with a single installment, before a single credit institution.

There are many consumers who ask us questions about consolidated credit, namely whether hiring them has advantages for your personal or family budget.

What is consolidated credit?

It is a credit that aims to settle others, leaving the consumer with a single installment, before a single credit institution.

At first glance, this may seem the best option for many consumers, however credit consolidation is not always the most appropriate option, given the individual or family financial situation in particular. It is essential to carry out a detailed and accurate assessment of the situation.


Be aware of the costs associated with consolidated credit, because as a rule it has the disadvantage of increasing the term of small credits (for example credits for the purchase of appliances or furniture, etc.) and, consequently, the amount you will pay for the credit increases considerably.

Order multiple simulations

The consumer who is considering taking out credit for the settlement of other credits should carry out several simulations at different credit institutions and compare the different conditions presented.

Analyze and compare FIN

When carrying out simulations, the consumer receives the FIN (Standardized Information Sheet) which contains information on credit conditions. It is based on this information that you will be able to make a more conscious and informed decision about taking out credit.

When to consider the use of consolidated credit

This may be a valid option when:

· It allows a substantial reduction in the effort rate, through a lower benefit than those previously held, which consequently will lead to greater liquidity to the personal or family budget;

· It allows to settle credits with a higher APR than that practiced in consolidated credit, such as credit cards or overdraft facilities in an orderly account, among others,

· It allows a better management of the credit situation and the personal / family budget, given that it will only have a single installment with a single creditor.

· It is in the process of entering into default, having already tried to renegotiate the terms of the credits without success.

Count on the support of the Financial Protection Office.

For more information or questions, do not hesitate to contact us by phone, at numbers 213 710 238/22 339 19 6 or by email: gas@deco.pt or gas.norte@deco.pt. It is also possible to schedule appointments via skype. Follow us on the Facebook, Twitter, Instagram and Linkedin pages.

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