3 Simple Ways to Deal with Debt

Debt Consolidation

 Debt Consolidation

1.

This process is known as debt consolidation and the loan may be referred to as a consolidation loan. It will reduce the stress induced by trying to keep a tab on multiple loan repayments to be made each month. And, if you find a relatively low-interest loan, you will end up saving some money too.

 Debt  Settlement:

2.

You can negotiate a lower interest rate or principal amount with the lender. It will be beneficial if you can do it with each lender. But even if only one lender agrees to it, you are still going to get much-needed relief, which brings us to our next point

 Debt Relief: 

3.

If you are in a serious financial crunch, you can ask the lender to forgive whole or a part of the debt. This is a solution for extreme situations but it can be done. You may have to talk to a financial expert to execute it. Also, unlike the second option which may not reflect on your credit score, this one definitely will.

If you want to learn more about debt consolidation or consolidation loan schemes offered by other major Indian banks, you may check out Finance Dragon.

A Final Word