View Single Post
  #6  
Old 09-19-2017, 10:29 AM
jennys jennys is offline
Junior Member
 
Join Date: Aug 2017
Location: New York, United States
Posts: 19
Default Re: Debt Consolidation

Debt consolidation is a debt management tool that helps a borrower merge all of their liabilities into a single affordable umbrella loan. The new loan is availed at a lower interest rate so as to make the monthly installment cheaper and easier to repay. You can avail a larger personal loan (unsecured) to cover all of your liabilities or avail a bigger loan against property for the same purpose. The cost of secured debt management loan would certainly be lesser than unsecured loan but it also risks the ownership of the property in case of nonpayment.

Generally those who want to get rid of accumulated debts resort to debt consolidation loan for a number of years. You need to possess greater patience and financial discipline to make consolidation of loan work for you.
Reply With Quote