Martinique is a French community which benefits from an idyllic living environment: large white sand beaches, translucent water, gigantic palm trees, extraordinary fauna and flora… In metropolitan France, we know too little about this magnificent island. If you have the opportunity to spend a few days in tourist and explorer mode in Martinique, you will quickly realize that life is much more expensive than in Metropolitan France . According to the report issued by the IEDOM, one in three Martinican households is in debt. How to get out of debt when living in Martinique?
Grouping of credits: to be consumed in moderation?
Expensive life, high unemployment rate, limited studies… the socio-economic situation of Martinique is delicate. The media talk a lot about the unemployment rate in mainland France, but you should know that the French islands are reaching records. In 2014 in Martinique, for example, the unemployment rate was around 21%. This difficulty in finding a stable job has negative consequences on the lives of residents and on the economy:
- Food and clothing budget restriction ,
- Difficulty obtaining credit to finance a project,
- Considerable drop in purchasing power ,
- Inability to pay bills
According to the IEDOM, one in three households encounter financial difficulties. Although Martinicans are not large consumers of loans , the consolidation of loans can be an alternative to regain purchasing power while reducing its debt ratio.
How does the pooling of credits work?
The grouping of credits works on the same principle as the various credits found on the market. Namely, a financial partner makes available to a solvent taxpayer a sum of money that will be subject to an interest rate. In this case, the funds make it possible to finance the loans from the various creditors. It is the responsibility of the financial partner to take the steps with the credit institutions to settle the accounts. After the closure of the scattered loans, the borrower has only one loan to repay with a new monthly payment .
What is the primary benefit of credit merging? This is, of course, the question that comes to your mind after reading this post. The goal: to lower the value of the monthly repayment in order to increase the remainder to be lived . By definition, the remainder to live is the financial part remaining to a household after having honored the payment of its financial debts and its various charges.
Conditions for obtaining the repurchase of credits in Martinique
The reduction in the monthly payment is automatic since the loan rate is fixed and unique. The duration also plays a role in this reduction (in some cases, it is possible to lower your monthly payments by 60%).
French laws regulate consumers. Consequently, the financial partners have every interest in following the recommendations set by the laws. For example, it should be known that no repurchase of credits can be granted if the repayment capacity of a borrower is mediocre.
Concentrating your borrowing in a single loan is a good idea provided you compare the different offers on the market before starting. Indeed, this concept has the effect of helping you not to sink into over-indebtedness and not the opposite effect. Simulate, compare and learn are the three watchwords for an exclusive winning loan.