Article

Debt Consolidation
November 27 , 2012

Debt consolidation means packing several existing loans into a new one which offers more favourable conditions to the debtor.  Debt consolidation loans often have lower interest rate or have fixed interest rate. Such loans are very common in the US and UK.

Though debt consolidation loan as a product is not available in India yet, one can create their own customized consolidated loan with some effort. If you are servicing too many loans or are paying heavy interest on credit card dues you can try talking to your bank to provide you a loan to pay off your other loans. Such a loan obviously makes sense only if the interest rate offered is lowered than the ones you are currently paying. Personal loans are cheaper than credit card loans and secured loans like those secured by property or other financial securities are cheaper than personal loans.

Just like it is with other loans lenders would be willing to give debt consolidation loans to those who have a clean credit history, ie who have furnished EMIs on time. The bank needs to be satisfied about your income and expenditure levels to know you can pay off dues on time.

Fintotal Knowledge the best place to learn more on personal finance.

The language is simplified and written specially for non finance background individuals.


Explore more in a easy manner.

Table of Contents

Table of Contents

  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed

Get the all financial products under one roof only at

you will NEVER GO WRONG with us!

Unbiased . Best Deals . Appropriate Products . No Mis-selling