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Once you visit the website and go through the process of consolidating payday loans you will have significant monthly savings. Our consolidated credit solutions allow you to save more than 30% every month. The problem is in post-consolidation. What to do and what care to take after consolidating your credits?
1 – Resist Temptations
As a general rule, consolidation arises due to the excess of credits that cause a monthly financial burden that in its total far exceeds the rate of the effort of the household.
It is also true that there are other reasons for consolidating credit, such as unemployment among one household member or even health care needs. However, it is more common because of the excess of credit, especially personal credit.
After the consolidation of credits, there are times of bonanza in the household. The “extra money” generated by savings through credit consolidation allows households to renew their spending habits and start planning new projects, where recourse to credit is inevitable.
This is one of the major problems of credit consolidation and it is the time when families decide whether they want to have some financial freedom or if, in the medium term, they will hand over all their assets to the bank.
So resist the temptation to ask for more credit after consolidation because you will be running out of control over your personal and family finances.
2 – Enjoy to Save Money
If you were able to lower your monthly financial burden by more than 30%, why not take advantage of that 30 % and start saving money.
By saving you will not only ensure the financial stability of your household but it is also contributing to additional income with interest from those savings.
Imagine that I was able to lower your monthly charge with the benefits of more than € 400 a month. So if you choose to save only 50% of that savings, or € 200, you’ll be able to save € 2,400 a year.
To beautify a little more, if your consolidation is for 20 years and during this period you can save € 200 per month at a rate of 3% per year, you will have at the end of the term more than € 65,000. If you want to simulate how much you can save, we suggest that you consult our savings and investments simulator.
3 – Amortize your credits in advance
One of the advantages of consolidation is that it allows you a monthly saving to save money in order to amortize consolidated credit. I venture to say that it is possible to earn money by consolidating credits.
It is possible that with the consolidation your credit will pay more interest in global terms since the term may be greater than in the original situation. However, one way to mitigate the overall interest you will incur is to take advantage of monthly savings and make annual repayments to your consolidated credit.