Compra de cartera: lower cost, or just longer debt?
Colombia has its own name for this: compra de cartera — portfolio purchase. A bank pays off your expensive debts (the card at the usury ceiling, the revolving line, the fintech loan) and leaves you one payment at a lower rate. The mechanics work — banks compete hard for each other's portfolios and lead with aggressive rates.
The rule for knowing you've won: compare the weighted E.A. of what you owe today against the new loan's rate, and don't stretch the term further than needed. Moving card debt to a personal-loan rate usually saves several points; but double the term to «lower the payment» and total cost can end up higher. Ask for both numbers: new instalment and total repayable.
The side effect nobody mentions: the limits you free up stay available. Use the card again while paying off the consolidation and within a year you hold the original debt plus the new one. Compra de cartera fixes the price of your debt, not the habit. Calendar tip: June and December, when the prima bonus lands, bring the best offers and the most room for principal payments.
- ✓Typical ticket: 5–60 million pesos
- ✓Common term: 24–60 months
- ✓Goal: new rate clearly below your current weighted rate
- ✓Always ask for total repayable, not just the instalment