Borrowing Despite Debt – combine all existing loans into one

Basically, before taking out a loan, you should think about whether it can be repaid without any problems. The cost of living plays a crucial role in this. Unfortunately, many households take over, which leads to overindebtedness.

In the worst case, the installments can no longer be paid and there is a risk of garnishment. But the emergency does not have to happen. Provided that the Credit bureau has not recorded any negative entries, there is the possibility of taking out a loan despite debts in order to “clear the ship”. Why this is so is explained below.

Borrow despite debt

Borrow despite debt

If you want to take out a loan in spite of debt, you usually do so to reschedule. You can even stand up better with it. The best example is when a household already has to pay off a loan but has also borrowed one from another bank. This means that two installments are payable per month, for which interest is payable twice. Anyone who has now been able to take out a loan despite debt should consider rescheduling immediately and combine all existing loans into one.

Save money with debt restructuring

Save money with debt restructuring

With debt restructuring you can actually save money. First, the amount of the installment to be paid monthly is reduced. Because the merger only requires a rate that is usually lower. In addition, the borrower saves on interest, because these are now only calculated for one loan and no longer for two. The bottom line is that the affected household has more money to live than before.

However, one should not approach the matter prematurely, because a comparison of banks brings additional savings. Many offers from the individual financial institutions differ considerably from one another. If you respond to an offer too quickly here, you may lose valuable money. It is important to pay attention to the effective annual interest rate, because unfortunately advertising is only too happy to advertise with the net interest rate. The ancillary costs are not yet included in this.

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