Debt consolidation requires you to approach a financial institution to obtain a loan that will cover all your debts.
Who should consider debt consolidation?
A person with a good credit history could benefit from debt consolidation. However, the company will have to be able to persuade an institutional lender to make a loan covering the total amount of its debts.
How do I get debt consolidation?
To consolidate your debts, you must apply to your financial institution.
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Debt consolidation is a solution that allows you to consolidate all your debts into a single loan at a more advantageous rate. This solution is more flexible than bankruptcy and allows for better access to credit.
So, depending on your situation, if you still have acceptable credit, debt consolidation may be a better option than another.
Do you have any questions? We have the answers.
What types of debt can be consolidated?
Any type of debt can be consolidated except for mortgages. So we think here:
- Credit cards
- Internet, etc.
Have you calculated your debt ration? This one might help you paint a clear picture.
We have developed a tool to help you answer this question quickly.
Do I need to have a good credit history?
Since this is a loan, you will need to have a good credit history as well as a good ability to repay. You must also have a stable income. If you are not in this situation, you should probably consider another avenue.
What is a consolidation loan?
A consolidation loan is a loan obtained from a financial institution that consolidates all your debts and allows you to make only one payment per month.
Does debt consolidation affect my credit?
It should be noted that any application for credit affects your credit report. Since a debt consolidation loan is a loan, it will affect your credit report. Any denied credit application has a negative impact on your credit rating.
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