Consolidation of liabilities, is an excellent tool for people who have fallen into the loops of credit, ie, they realize that the repayment of borrowings slowly begins to outgrow. Replacement of previous commitments one loan can be in such a situation lifeline that will preserve liquidity.
Consolidation is a specific form of lending, the idea is to repay the earlier loan obligations with the help of one of the new, but mostly favorable loan. Importantly, consolidation may be subject to virtually all existing financial obligations, namely: credit card debt, mortgage, car, or cash, and also, for example the line card in a personal account.
As a rule, we distinguish between:
- Consolidation of mortgage: The aim of this option is the establishment of mortgages on the property securing the loan. This type of consolidation is primarily dedicated to people who want to spread the repayment obligation was for a longer period. For example, mortgage loan offered to the Caisse Stefczyka may be granted up to a period of 25 years.
- Consolidation without a mortgage: Repayment of previous commitments the new loan does not have to rely solely on the mortgage, which is excellent news for those without their own property. An example of this type of product is, in turn, in the case of the so-called Cash Stefczyka. Loan consolidation, which can be taken out for a period of 10 years and relate to the amounts reaching up to 160,000 zł.
Reasons why you should take advantage of the consolidation of several. The most important of them is the ability to reduce the amount of your monthly obligations - ie through favorable terms or the extension of the loan installment of a new liability is less than the sum of the previous installments of loans. This in turn allows you to retrieve the necessary liquidity and exit from the loop current debt. Not without significance is the growth of convenience, because we make one payment a month, so we no longer remember repayment terms of all loans. This of course generates significant savings of time and also allows you to eliminate the cost associated with the implementation of several transfers. It is also important that, for example in the case of Kas Stefczyka it is possible to take out a consolidation loan, the amount of which may be greater than the sum of the previous loans. This ability to further support the repayment of existing loans undermined household budget.