At a time when the total installments to be paid become too high in relation to their economic possibilities, therefore, it will be possible to decide to redesign their condition with respect to the accumulated debts, thus seeking to combine all the various loans in one installment, requesting a loan of consolidation, to pay a single monthly installment but this time for a smaller amount. Basically this means consolidating one’s debts.
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Debt consolidation is commonly considered as a solution that allows all previous loans to be extinguished by consolidating them into a new loan with a single installment. So in a nutshell, all the minor debts, resulting from personal loans, and with short-term maturities are merged into a single debt with this time long-term maturity, so that the debtor can pay a monthly payment lower than the sum of the previous installments, all for a much longer period of time.
This solution can be requested by anyone and basically has the purpose of bringing together all the loans still outstanding in a single loan, to a single credit institution: the installments as we have seen will be less burdensome, but will be extended for a longer period of time. To apply for a debt consolidation usually refers to a financial institution that after accepting the request will proceed to the cancellation of debts.
Clearly with a higher income level, it will be much easier to receive debt consolidation, but in any case after an analysis by the financial institution, if there are no inconsistencies or various problems of the applicant, it should not be difficult to request.
This solution can be considered as a real turning point because in the world of finance until not long ago there was no possibility of being able to pay off one’s debts in order to find a solution that could be more comfortable, in fact over the years to remedy. many debts to their debts have gone more and more towards even greater debt to try to get out of situations that unfortunately did not stand a chance.
But be careful, it should be noted that here we are not talking about canceling our debts forever without having to pay more than a penny, but to deal with the problem by reducing the installments and prolonging them over time, so that they are easier to pay and same time to allow the creditor, who becomes one and only one, to get his money back, even if in small doses.
When is the right time to apply for debt consolidation?
In the final analysis, it may be useful to spend a few words on the right time to request debt consolidation. Well in principle this tool can be very useful when unexpected events occur and you find yourself in the situation of not being able to honor the dates agreed with the creditor. It is certainly not an operation that can be requested simply to decrease your own installments in order to spend your money in other ways. Also because the financial institution that will become a creditor requires payment of the installments in accordance with the previously agreed procedures. In this regard, it may be useful to contact a financial advisor who will surely guide the debtor towards the best path and giving him help throughout the journey.