From this video you will learn What is Debt Consolidation & how it works, Types of Debt Consolidation, Benefits of Debt Consolidation, Cons of Debt Consolidation, Debt Consolidation for beginners in english.
Debt Consolidation:
The term debt consolidation means taking out a new loan in order to pay off the other loans or liabilities or consumer debts, which are generally unsecured. In this more than one debt or multiple debts are combined into a large single piece of debt , with a favourable term structure which include lower interest rate, lower monthly payment or both or lower tenure.
Types of debt consolidation:
1. Credit card balance transfer
2. Debt Consolidation loan
3. Student loan consolidation
4. Home equity loans and lines of credit
5. Cash โ out mortgage refinance
Benefits of debt consolidation:
1. Repay debt early
2. Simplify finances
3. Lower interest rates
4. Have a fixed repayment schedule
5. Boost credit
Cons of Debt consolidation:
1. It doesnโt mean that the debt is gone
2. You may pay a higher rate
3. Lengthened repayment term means that the person pays more in interest even with a lower interest rate
4. Some loans may require to put up a collateral
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Nice topic ??