To start with, what is credit consolidation? Generally, credit consolidation refers to the process of merging the total amount of a household’s debt into a single, unified credit. Simulate and apply for your consolidation online.
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What is Credit Consolidation?
In most cases, credit consolidation, also known as credit grouping, refers to the profile of a family that has taken on several loans. This includes consumer loans, bank overdrafts, or even a mortgage.
However, when these monthly payments exceed 30% of the household’s living expenses, the family’s finances can become complicated. A credit grouping allows for better management of this imbalance by consolidating various loans into a single loan.
Finally, the aim of credit grouping is to reduce the debt ratio, bringing it below the 30% threshold. Through credit grouping, ongoing loans are thus consolidated into a single entity.
The monthly payment for this credit consolidation is then adjusted according to the household’s capabilities.
Find the frequently asked questions below:
- What is credit consolidation?
- How does credit consolidation work?
- What happens during credit consolidation?
- What is the interest rate for credit consolidation?
- How many times can you consolidate your loans?
- When should you consolidate your credit?
- What is the purpose of an assigned loan?
- What is the purpose of revolving credit?
- Why consolidate your credit?
- Why choose credit consolidation?
- How to consolidate your loans?
- Which bank to choose for credit consolidation?
