Debt consolidation is a way to cover all your debts, remaining only with a larger commitment than the previous ones, but more manageable. It does not end your debts but reduces them.
For example, if you have several credit cards, a personal loan and the payment of the car, it will be good for you to simplify everything, so that you make a single monthly payment and have a lower interest rate.
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Such as a personal loan or transfer of balance to a single credit card. The most important thing is that whatever your option, check that the interest rate is lower so that debt consolidation is convenient for you.
If you ask for a loan to consolidate your debts, it may take longer to settle because the payments may be lower, but you can organize yourself better, meet each of them and have a more favorable interest rate. Even if you can give advanced payments, you will reduce the term considerably.
Examine your options carefully before signing any document
In this process it is not necessary that you hire an advisor or enroll in a financial management program, it is only a matter of focusing on the options and not making decisions lightly. Make sure you understand everything related to interest rates, terms, minimum payments and penalties or discounts for advance payments.
When starting a consolidation process, we recommend that you cancel your other credit cards, as it is normal that when you see balances at zero you feel tempted to make some charges, which will be counterproductive. If for some reason you do not want to cancel it, keep it out of your reach so that there is no risk of making things worse.
You might be interested: What is debt consolidation?
The objective of debt consolidation is to ease the credit burden, save on interest payments and decrease monthly payments. If you follow the steps as it should be, you will not have much trouble. In summary, debt consolidation translates into a single payment, reduction in surcharges, savings in monthly payments and better control of your finances.
In Wishsave Bank you will have the personalized advice you need to see the different options and choose the ones that best suit your needs.