How can you combine debt into one lump? ❓ Advantages of debt consolidation

How can you combine debt into one lump? ❓ Advantages of debt consolidation

Deflation that exposes you to multiple sources of debt is a major problem preventing most debtors from getting out of the debt cycle. If the incurred debts continue to pile up and cause you to lose credit, leading to a solution to the problem with informal debt, it would not be good because in the end, the catastrophic debt will collapse on you. may be able to escape from this whirlpool for sure The debt consolidation approach is one way to help those who are willing to pay off debt can free themselves from debt. No matter what the debt This method has many advantages to improve your financial liquidity. Debt consolidation may be your solution. then debt consolidation what to do And what are the advantages of debt consolidation? This article has the answer to it.

🔸 Consolidate debt into one lump sum How do you do it?

No matter what amount you owe. Whether it is credit card debt, cash card or informal debt. You can consolidate all of your debt under a new interest rate that will give you better financial conditions and the chance to pay off all of your debt faster. for debt consolidation methods lump There are the following methods

🔸 Government debt relief program

because of bad debt problems that occur to Thai people The government has a policy by cooperation from the financial institutions of the government in issuing credits to help solve the debts for the people. Whether it is a debt caused by a credit card. Cash card or informal debt The government will have a project to help from time to time. Or if you have debt arising from debt in the system of any kind, whether it is credit card debt. Credit card debt or unsecured personal loans with outstanding debts I still have a good project. by the cooperation of the government with the Government Savings Bank in the name of the project "Debt Clinic by SAM Project" that is ready to help

🔸 Applying for personal loans directly from financial institutions, government and private sectors

Applying for a personal loan directly to a financial institution is another method that allows you to consolidate your credit card debt. cash card from many other sources into the same place The advantages of this personal loan application are similar to the government assistance program in terms of lower interest rates. But in addition to the advantages in this regard, there are also advantages in terms of duration. Because you can directly contact and apply for personal loan with any financial institution at any time. This may be different from the assistance that comes from government projects for the duration of the project. For this personal loan, you will receive up to 5 times your salary. which although it may not be able to help close all debt But closing the debt with high interest rates first will give you better financial liquidity.

🔸 Debt Consolidation Measures lump by the Bank of Thailand

for debt consolidation The only lump in this last measure was the cooperation of the Bank of Thailand with various financial institutions. For debtors who have debt from mortgage loans and debts from different types of loans. whether it is a credit card Cash cards and personal loans are different. Under the same financial institution, together under the mortgage loan with the house as collateral. The important condition is that debt from home loans must not be bad debt or NPL while debt from other loans. There may or may not be an NPL. The advantages of combining all loans together will not increase the interest rate of home equity loans while other types of loans. It will not be too much from the MRR of each financial institution. For the period for applying to join this program, you can apply from 1 September 2020 – 31 December 2021.

🔸 Advantages of debt consolidation

- All debts that we have from many places will be combined into one debt. And interest will be charged on the total debt in one place. You will be left with the burden of paying debt at only one financial institution. make no mess Confused about which debt should be paid first? and how much to pay

- We do not have to have a headache from being called by many creditors.

- Have a chance to get a lower interest rate Mostly during the first installment Financial institutions often offer lower interest rates on loans than credit card rates. But at the end of the loan interest rate for debt consolidation. May be higher than the interest rate of credit cards. If you have both informal debt and credit card debt. You will have a chance to get a lower interest rate. Because most of the interest rates on informal debt are much more expensive than the interest rates in the system. However, if there is only credit card debt You must consider comparing the interest rates on the loan received. for decision making

- The monthly installment amount will be lower. reduce the burden of monthly expenses This will help increase your liquidity. For example, Mr. A. has a monthly income of 30,000 baht, has a total of 4 credit card debts of 20,000 baht, 30,000 baht, 40,000 baht and 50,000 baht respectively, totaling 140,000 baht in debt if Mr. A pays a minimum of 10 credit card debt. % accounted for the amount that must be paid for credit card debt per month, totaling 14,000 baht, causing Mr. A. to start paying In addition, paying at the minimum cannot make Mr. A pay off all four of his credit card debts. If Mr. A wants to consolidate his debts by asking for a personal loan limit of 140,000 baht, Mr. A will have to pay 6,806 monthly installments. only baht (calculated from the principal of 140,000 baht, assuming the interest rate for the loan is 25% per year, the repayment period is 3 years), it can be seen that the repayment rate can be reduced by up to 7,194 baht per month, making Mr. A. have more liquidity climb for further financial planning

- Debt consolidation will allow us to know the exact repayment period, such as 3 years, 5 years (according to the agreement of each financial institution), allowing us to make financial planning easier. and have the opportunity to pay off debt more easily because as mentioned above If you can pay only at least 10% of your credit card debt, you won't be able to pay off all your credit card debt at all. because you will be charged interest Demand fees and fines from your credit card at all times. until you make you feel why how much relaxation Your credit card debt has never decreased.

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