Having many different financings, payments at different times for different amounts and to various parties can stress you out. However, with Personal Financing-i Debt Consolidation you only need to apply for one financing to pay off the other financing. Tried debt consolidation? It may seem absurd, but it can be done with careful planning and smart financial management!
There’s no doubt about it, dealing with debt can be a struggle. When your debt burden is huge, the only thing you can think about is the solution. If you’re like most people you want to lighten your debt burden, but don’t want to ruin your credit with bankruptcy. Debt consolidation may have crossed your mind as a possible solution.
Debt consolidation allows those with multiple types of debt to combine all of their high-interest loans into one larger loan that offers relatively low interest rates. In general, the more you borrow, the lower the cost of borrowing (ie the interest rate charged on the loan). Therefore, if you have several debts, using a personal loan to consolidate them can reduce the overall interest you pay.
Imagine if 50% of your monthly income was used to repay your debt? Are you able to save for an emergency or retirement fund? Don’t just rely on EPF funds or retirement funds as backup. As the loan amount increases, it will form a very heavy burden. Typically, this type of situation can be resolved with debt consolidation.
Here are some signs that indicate when you should consider debt consolidation:
- Missing monthly installments and not being able to handle your current debt burden
- It’s hard to manage payments for loans from several different banks and want to focus on just one payment
- Want to save money by reducing the amount of monthly installments
The benefits you will get:
- Focus on one installment only
- Help reduce the monthly commitment
- Lower interest rates
- Can improve your credit score
If you believe that this debt consolidation can change the rate of your economic stability, then you can do it with the guidance of certain parties who are always ready to help you. However, watch your step, don’t get stuck into deeper debt. Check and study several factors such as loan facility or loan payment flexibility and also the effect.
Are you ready to lighten your load? Put everything together and focus on just one installment. Get Personal Financing-i Debt Consolidation at Koperasi Kowaja. We help you choose the best package and get the financing you need today!