Buy back consumer credit

 

The repurchase of its consumer credit is not an exceptional approach: the operation often takes place within the framework of a grouping of credits. It allows the borrower to combine in a single monthly payment his various current consumer credits. This is an opportunity to reduce the cumulative amount of his monthly payments and to get rid of his revolving credits.

Why buy-back your consumer credit?

Why buy-back your consumer credit?

It is not uncommon for the same person to take out several consumer loans. Loan earmarked for the purchase of a car, credit for the purchase of furniture or to deal with a specific cash flow difficulty: there are many opportunities to use consumer credit. But the addition of monthly payments can become a burden, and even threaten the borrower with a risk of over-indebtedness in the event of a fall in income. Redeeming your credits allows you to consolidate your credits and give yourself a financial breath.

Several ways to redeem consumer credit

Several ways to redeem consumer credit

The renegotiation of consumer credit is not possible, since this operation is reserved for mortgage loans. On the other hand, it is possible to request a new lending institution to redeem its consumer credits, in order to settle them with its creditors, and to combine them in a single monthly payment and a single credit contract.

To be a winner in this transaction, it is advisable to make a credit buyback simulation in order to be able to anticipate the amount of your monthly payments after buyout. The amortization table and the capital remaining due for each loan to be grouped are the two essential elements for obtaining a quote from several establishments which offer the loan buy-back. These are items that you can obtain on request from the establishments from which you have taken out a loan.

Consumer credit allows people to purchase goods and services immediately and repay the costs over time. It offers consumers flexibility in spending and, in some cases, perks and rewards. However, consumer credit can also tempt some to spend beyond their means.

Finally, one last piece of advice: make sure that the cost of grouping the loans is lower than that of the loans in progress, in order to take advantage of this loan repurchase.

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