A quick way to get help with debt consolidation loan
Many times, when you have two or more debts, you should get another loan to settle them with better conditions. Obtaining only one loan to pay debts is what is known as debt consolidation and then I explain some of the advantages of this strategy are.
We live in complex times, where there is too much information, things to do and opportunities. Many people have trouble balancing and remembering all the things we want or have to do. But society is beginning to fight against these pressures with movements such as Minimalism and Essentialism, which emphasize simplifying our lives.
Remembering different payment dates and having to make multiple payments for different amounts to different debts can easily become a headache. But, there is a simpler solution: You can consolidate all those debts in a single payment that you would make once a month and always for the same amount!
Reduce monthly payment
People who click here to visit DeDebt for free seek to obtain debt consolidation to pay debts what they really want is to reduce the monthly amount they pay to their current credits. This is especially useful for people who are looking to increase their monthly cash flow. Basically, you can achieve this goal in two ways: 1) transferring your debts to a loan with a longer-term than you currently have or 2) transferring your debts to credit with a lower interest rate.
You can pay less
Normally, when consolidated debts you seek to pay less money in interest, so you are looking to pass debts with a high-interest rate to credit with a lower rate. This means that you will pay less money for each peso you have borrowed. For example, in Harrison, we offer credit card debt consolidation. The average interest rate of credit cards in Mexico is more than 50% per year (by the way, that such high rates would be illegal in many countries), in Harrison you can get a credit to consolidate your debt with a rate of up to 20% per annum You can save a lot of money on interest if you really intend to find the best rate for you.
Finish paying before
Many times when you consolidate your debt you can finish paying it faster, and you will be free to do whatever you want with your money (you could invest it or save it). As mentioned in the previous point, by consolidating your debt you can pay much less in interest every month, so a greater proportion of your payment will go to pay capital and you will see your debt decrease faster. That way, you will finish paying your credit in less time, without increasing your monthly payment.
Another alternative, if you can afford it, is to consolidate a loan to pay debts that allows you to make higher monthly payments or voluntary contributions to capital. That way, even if the interest rate of the credit to pay debts is equal to the rates of the credits that you had previously, you will pay less money in interest and for less time.
So when should I get a loan to pay debts?
Whenever you are going to make a debt consolidation, be sure to make a comparison between the credit you will get and your current credits. Take into account the factors that we mention in this article but always make the final decision based on the real characteristics of both options.
We remind you that if you have one or more credit card debts, Amaryllis is a fast, online and no commission credit that helps you eliminate them.