Need To Find Out About Debt Consolidation? Read This

You can then repay all of your debts with one monthly payment. A debt consolidation loan can simplify your monthly payments into just one payment and may possibly result in lower monthly payment. debt consolidation often works best for those with credit card debt, which generally comes with.

I have Rs 5 lakh in my savings account. Should I repay my home loan or invest it? I have accumulated a corpus of Rs 10 lakh. Please suggest if I should use this money to pre-pay home loan, keep it as an emergency reserve or invest in mutual funds? – Ashok Jangra, 37, an MNC.

Ask yourself how you ended up with a high amount of debt. This is the first thing to understand before moving on to debt consolidation. Even if you do get a debt consolidation loan, you may still find yourself in debt if you don’t fix the original problem. Discover the problem’s root, fix it, and move forward!

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 · First, read our MarketWatch and Learn story about How to get out of debt, which outlines the four basic routes you can take to tackle debt problems, big or small, and be rid of them for good: Do.

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Debt consolidation (also known as bill consolidation) does not require a loan. Working with a debt consolidation company means that a representative will contact your creditors and negotiate on your behalf to find a way for you to pay back your debts, possibly with reduced interest rates and no late fees.

 · Lower Your Interest Rates, If Possible. Finally, you could use a debt consolidation loan to combine all of your credit card payments into one single payment with a lower interest rate. However, keep in mind that a longer loan term means you’ll be paying interest over a longer amount of time, which could end up costing you more.

(More about this in the section below!) In many cases, debt consolidation loans offer lower interest rates and extended terms compared with your current payments. People typically choose to consolidate debt to simplify their finances or to save money on interest payments.

Do the math. Calculate how much you usually spend paying each debt and how much interest that debt collects per month. Define which debts need to be paid.

The first debt consolidation option you can look at is transferring all your debts to a single credit card. This is an especially appealing option if you’re able to secure a low-rate credit card or at least one that offers an introductory low interest rate that lets you tackle the principal.