Taking one or two loans is not a problem. The same situation applies to non-bank loans. Trouble begins only when we have nothing to pay off on our financial obligations. Subsequent delays, reminders and notices are not only very stressful, but most of all they cause further costs. And probably no one needs to explain that in the case of loan companies, they are very high.
Consolidation of debts
Fortunately, despite growing debt, we still have a chance to get out of this seemingly hopeless situation. Above all, one must take into account that the most favorable solution will be simply a consolidation loan. It is a financial product which, as the name implies, consists in debt consolidation.
Imagine that we have one consolidation loan with 20% APRC, plus installments for electronic equipment, and 3 payday loans with very high penalties for delays in settling debt. On the other hand, the consolidation loan is distinguished by a fixed interest rate, certainly lower than the sum of all payments of existing liabilities. In addition, we can count on an extension of the repayment period, thanks to which our monthly installment becomes even lower than the current accounts.
Do we give more?
After lending the appropriate amount for a period of 10 years, the sum of costs may significantly exceed the sum of our existing debts. Does it mean that we are losing debt consolidation? Fortunately, this is just an apparent perception. Because it is enough to calculate how much for 10 years we would pay penalty interest on all debts that we have at the moment. Although it is more likely that during this period of time, our case would have been in court.
We already know that now we are not able to make payments, let alone when we start to loop into more loans without Retrodatabase. which are actually available immediately, but at the same time we have to pay very high fees. That is why there is nothing to wait for. Applying for a consolidation loan will surely prove to be the best solution.