Debt consolidation: a concrete help to citizens

Debt consolidation is a financial instrument that makes it possible to settle previous loans by reuniting the debt in a new loan with a single installment to be paid; in order to obtain information on this financial product, it is advisable to first obtain information from relevant competent bodies.

The practice of debt consolidation is normally stipulated if the debtor has more loans at its own expense with short-term maturities and medium or high interest rates; in this case, it may be useful to make a consolidation that transforms the various open debts into a single loan with a long-term maturity, reformulating a new installment that is lower than the sum of the previous ones. Debt consolidation helps the debtor to ease the tax burden and facilitates creditors by ensuring a safer return of the loan.

Debt consolidation , a valid option

Debt consolidation may be required by those who have a stable monthly income, such as permanent and retired workers; moreover, the absence of protests, reports of bad payers or foreclosures are certainly useful requirements in order to obtain debt consolidation . In order to obtain the consolidation, it is also necessary that the loans in progress provide for the possibility of early repayment of the debt, otherwise an extinguishing fee could be applied. There are three possible financial formulas following consolidation : personal loan, transfer of the fifth or consolidation loan. The personal loan is the least convenient because it has higher interest rates, but can be granted without collateral; the sale of the fifth provides for the deduction of the salary of a maximum of 20% to cover the loan; the consolidation loan finally offers larger sums by taking the mortgage on a property as security.

Debt consolidation : who to contact to get all the information

If you are thinking about making a debt consolidation , We will give you all the assistance you need thanks to our employees who are experts in tax consulting.