Is Availing A Debt Consolidation Loan In India Recommended?
Ans: Debt consolidation may work for you if you are having issues making multiple loans repayments and keeping a track of them. By going in for a debt consolidation loan, you could reduce the number of outstanding loans and easily manage one loan EMI. However, there are a few points to keep in mind if you are looking to consolidate your loans into one: You should compare the interest rates of the existing loans and the new loan before going in for a debt consolidation loan. The consolidation loan works beneficial for you only when the new rate of interest is lower than old loans. The processing charges on the loan will also have to be taken into account. Also you will have to keep in mind that availing a debt consolidation loan helps you consolidate not relieve your debts. You will still have to make the repayment on the new debt.