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Combining debts into one loan

Debt consolidation with is a combination of many financial obligations in one with the preservation of unified interest rates and a simultaneous extension of the repayment period. The bank that offers this kind of solution repays the debtor’s loans and credits. In this way, the borrower is guilty of settling the liability only to that banking institution. The repayment period and loan terms are redefined and the customer is given the option of paying only one installment per month instead of a few. The resulting benefits can be seen with the naked eye, but it must be remembered that consolidation is, in fact, another financial commitment that we should regulate.

The scenario written by life can be diverse. Poles are in debt, they take credit for another, but unfortunately, they often go against logic. It has become common to apply for a mortgage, as housing in our country is invariably expensive. When we repay a mortgage we often decide on a cash loan, for example for a new car. When an unexpected expenditure comes to that, the installment is an option. In this way, we have accumulated three financial obligations. In this way, we should pay three installments a month. This is not convenient, right? It is important to remember to regulate each of them. One trip may result in charging penal interest and a negative entry to the Credit Information Bureau. Avoidance of such a scenario is guaranteed by a consolidation loan for indebted households. By concluding a contract with the bank for the fusion of its financial obligations, we obtain a longer loan period and the opportunity to return only one installment every month. The installment is lower than the sum of payments made so far due to the liabilities held.

Light repayment of one installment instead of several

Light repayment of one installment instead of several

A consolidation loan for indebted people supports, but it will not erase the debt

In fact, debt consolidation is a big support for borrowers, but it will not release them from repaying their debt. Choosing this type of loan, our debt has been cumulated, but it has not disappeared or even decreased. When we receive a longer loan period, we continue to pay our debt, although installments made monthly into the bank account are lower. Therefore, it should be remembered that a consolidation loan will facilitate the settlement of your debt, but will in no way reduce its total volume.