Have you heard about debt consolidation? Surely the bank where you have your savings account offers it, but do you know what it is for? How can it help you with your finances? In this note I tell you what are the advantages of consolidating debts and what you have to do to be a candidate for this type of loan.
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You will save by consolidating
This is because the commissions and interests will be unified. So, instead of paying the commission of the four banks you owe, you will only pay one commission. And the interest will also be reduced as it will be based on the total amount of your debt. Ideally, to help reduce the interest you are going to pay, compare different bank offers and choose the most profitable one.
It does not affect your credit line
This is a point in favor and against consolidation. And while it is true you will continue to have your credit line with the bank to whom you ask for the consolidation, the truth is that for the consolidation to work, it is best that you stop spending money that you do not have. So as long as you don’t continue using your line of credit – at least until you pay off your unified debt – you’ll be safe.
Preferential interest rate
Most of the banks that offer this product will also give you a preferential interest rate. This is variable according to the amount approved for the loan.
Three tips before consolidating your debt
First , verify that the bank to whom you are requesting this loan allows you to make advance payments or cancel your debt without penalties.
Second , that allows you to pay your debt in the currency in which you receive your income, so you will avoid overpaying for the increase in foreign currencies.
Third , it allows you to buy all the debts that you are interested in unifying. There are banks that do not accept to buy the debt of loans, others that of cards, etc. Choose the best option after comparing all the offers you have available!
You can choose the time in which you will pay the purchased debt. Usually they give you a maximum time of sixty months, although ideally, so that you reduce the amount of interest you will pay, it is that you make a personal budget and evaluate, based on the greater amount you can pay each month, the least possible time to pay off your debt.