What is Debt Consolidation?
It involves taking a single new loan to pay off multiple existing debts. This leaves you with just one EMI to manage.
Benefits
- Simplified Finances: One due date, one lender.
- Lower Interest: If the new loan has a lower rate than your credit cards.
- Improved Score: Closing multiple credit lines can boost your score over time.
When to Consider It
Consider it if you have high-interest credit card debt or are struggling to track multiple payment dates.
Risks Involved
It doesn't solve spending issues. Ensure you don't run up new debt on the cleared cards.
How to Apply
Check for a personal loan or a loan against property for consolidation purposes.
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