With the number of households in over-indebtedness , banking organizations like credit institutions have developed a new product; the repurchase of credits. There are several types of redemption adapted to the situation and needs of each. How to choose the right organization? What are the criteria to take into account? This post gives you practical advice.
Reduce unnecessary costs
Engaging in a loan buyback is not a game. You have to be able to honor the debt over the fixed term during the credit crunch. In fact, before choosing this solution, we invite you to take stock of your personal situation and to draw up a summary of your financial statement. These reports will allow you, first of all, to eliminate unnecessary charges . For example, you can:
- Earn a few us dollars on insurance by playing with the Hamon law.
- Reduce your monthly expenses for a few months ( food shopping, leisure or clothing ).
- Request assistance from certain organizations ( CAF, Social Security, associations, etc. ).
- Ask for help from those around him.
- Spread out debts ( ask for the monthly payment of taxes for example ).
Tightening the belt will perhaps not prevent recourse to the repurchase of credits , but to a significant advantage; borrow less to lower the total cost of credit . In fact, the shorter the duration of the credit buyback, the lower the total cost.
reduce monthly payments
Define your needs
The landlord doesn't have the same needs as the tenant? The person over-indebted by the accumulation of revolving credits will not have the same needs either as a person wishing to finance a new project. You must therefore analyze your needs with the greatest attention by asking yourself the right questions. What do you really need?
- Do you just want to reduce your monthly consumer loan payments?
- Would you like to combine your mortgage loans with your consumer loans in order to recover purchasing power?
- Would you like to redeem your credits to lower your debt ratio and open a right for new financing?
- Once you have defined your needs , it will be easier for you to know which organization to turn to.
Compare to find the best solution
The situation being established, it is now necessary to make play the competition by playing with the various organizations of credits . Making a loan buyback can greatly help you get out of debt, but the organization must not take advantage of your weakness. The use of online comparators will allow you to obtain fast and free quotes. All you have to do is analyze the quotes based on your balance sheets to find the most appropriate solution.