Debt Consolidation in Bangalore

Debt Consolidation

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Debt consolidation is the process of taking a new single loan to pay off all your existing loans thereby leaving you with just one monthly payment rather than several. The theory is that one payment will be easier to manage. The goal is to lower the interest rate and the monthly payment while paying off your debt more quickly. Debt consolidation is usually opted for by individuals who are repaying several debts with several banks such as a Student loan, personal loan, credit card bills etc that aren’t tied to an asset (Unsecured). It is very difficult to manage several debts as one might miss out on a repayment dates or fail to manage the loans efficiently by controlling high interest rate as they are trying to cope with overwhelming debt.