The solution looks too easy. As if by magic, in announcing the bank will offer a solution that will reduce your monthly installments of RD $ 70,000 to RD $ 47,000 only.
"Consolidating" your debts, you will achieve a monthly savings of RD $ 23 billion. Now, signing those papers, will reduce by 33% your monthly payment to the bank. Rather than assign him 50% of your income to banks, free up 10% for other needs or to be less pressure on the month to month. A blast!
Is it really the debt consolidation the solution to the problems of our "enliados"? Will we be able, by means of this nice financial engineering, prevent the row of lepers follow fatter bank?
Reply is a bit complicated, but I will mention this: debt consolidations can do much harm as good, and are not, nor will, healing the problem of my enliados.
Debt: Cause or consequence?
Our debts are more than the cumulative gap between what we enter and what we spend. To try to solve the problems of over-indebted enliado the restructuring and consolidation of liabilities equals the terminally ill meet prescribing an aspirin and water. Balm.
Certainly among enliado costs are those generated any interest, blackberries and other financial penalties. These can vary greatly and it is always a good idea to optimize the shape of funding to reduce, as far as best we can, this item.
The graph is clear: no credits ranging from 12.25% (like a home mortgage loan) and others that come to 102% (like credit cards of the same entity) or to 360% of usurer the corner.
Something that everyone must understand is why this disparity as high. How is it that the same entity, the same customer, can lend at interest rates so different? Is not that the same money?
That history is long, but let's say a product tends to be much more risky, expensive to attend, subject to fraud and other breaches and blackberries. The more control these risks, resulted cheaper for the bank and therefore more attractive to the customer.
When consolidating debts, what is done is unify into a single loan, payable obligations generated by vehicle loans, consumer and credit card in one document, often covered by a mortgage, as is the case reflected in the table of the announcement.
By consolidating the total debts of the client, the better bank documents, protects and guarantees their loans, creating an asset that, although at a lower interest rate, is much less risky.
The customer also benefits. Indeed, the monthly fees will be achieved as well indicates reduced advertising. The question, of course, is: How is this magic?
Simple: in the example above, the client will stop paying interest rates above 100% on their credit cards, and so is able to reduce the cost on your consumer loans and vehicle.
Let's be clear (although this is NOT shown in the ad): the RD $ 23,000 monthly fee we can reduce the 65% of the savings are due to the restructuring of only 7% of the debts.
In other words, if the client in question achieved by means of a serious plan austerity, rationalization and refocusing of spending, pay self RD $ 300,000 owed on cards and a personal loan, accomplish get, by itself, an 65% of the monthly savings that we are selling.
Why choose this option before debt consolidation? First, because if a household was able to collect RD $ 4,100,000 in total debts, I'm sure tying the belt is able to, in a short time (12 months?), Go settling these RD $ 300,000.
If you decide to consolidate, also will settle these RD $ 300,000, for a fee more comfortable, but rather to achieve in 12 months, last paying that debt ... To 180 months (if consolidated to 15 years)!
The other risk to consolidate your debts, more worrisome, is that good he can be put off addressing the real demon: overspending that has given their income.
We are all difficult to face the reality, especially when it is hard, as the enliados. But it's better now than postpone, deny or think that will resolve in time. I know some entrepreneurs dear friends, to do just that, in the course of a year lost more than RD $ 2,000,000,000. Big mistake that.
In short: if you're going to keep spending as before, beyond their means, whether consolidated or unconsolidated, as both roads will take you to the same cliff. Only one faster than the other. He already knows.
The bank, though, will gain longer, have better guaranteed risks and lose less. So think again.
"Consolidating" your debts, you will achieve a monthly savings of RD $ 23 billion. Now, signing those papers, will reduce by 33% your monthly payment to the bank. Rather than assign him 50% of your income to banks, free up 10% for other needs or to be less pressure on the month to month. A blast!
Is it really the debt consolidation the solution to the problems of our "enliados"? Will we be able, by means of this nice financial engineering, prevent the row of lepers follow fatter bank?
Reply is a bit complicated, but I will mention this: debt consolidations can do much harm as good, and are not, nor will, healing the problem of my enliados.
Debt: Cause or consequence?
Our debts are more than the cumulative gap between what we enter and what we spend. To try to solve the problems of over-indebted enliado the restructuring and consolidation of liabilities equals the terminally ill meet prescribing an aspirin and water. Balm.
Certainly among enliado costs are those generated any interest, blackberries and other financial penalties. These can vary greatly and it is always a good idea to optimize the shape of funding to reduce, as far as best we can, this item.
The graph is clear: no credits ranging from 12.25% (like a home mortgage loan) and others that come to 102% (like credit cards of the same entity) or to 360% of usurer the corner.
Something that everyone must understand is why this disparity as high. How is it that the same entity, the same customer, can lend at interest rates so different? Is not that the same money?
That history is long, but let's say a product tends to be much more risky, expensive to attend, subject to fraud and other breaches and blackberries. The more control these risks, resulted cheaper for the bank and therefore more attractive to the customer.
When consolidating debts, what is done is unify into a single loan, payable obligations generated by vehicle loans, consumer and credit card in one document, often covered by a mortgage, as is the case reflected in the table of the announcement.
By consolidating the total debts of the client, the better bank documents, protects and guarantees their loans, creating an asset that, although at a lower interest rate, is much less risky.
The customer also benefits. Indeed, the monthly fees will be achieved as well indicates reduced advertising. The question, of course, is: How is this magic?
Simple: in the example above, the client will stop paying interest rates above 100% on their credit cards, and so is able to reduce the cost on your consumer loans and vehicle.
Let's be clear (although this is NOT shown in the ad): the RD $ 23,000 monthly fee we can reduce the 65% of the savings are due to the restructuring of only 7% of the debts.
In other words, if the client in question achieved by means of a serious plan austerity, rationalization and refocusing of spending, pay self RD $ 300,000 owed on cards and a personal loan, accomplish get, by itself, an 65% of the monthly savings that we are selling.
Why choose this option before debt consolidation? First, because if a household was able to collect RD $ 4,100,000 in total debts, I'm sure tying the belt is able to, in a short time (12 months?), Go settling these RD $ 300,000.
If you decide to consolidate, also will settle these RD $ 300,000, for a fee more comfortable, but rather to achieve in 12 months, last paying that debt ... To 180 months (if consolidated to 15 years)!
The other risk to consolidate your debts, more worrisome, is that good he can be put off addressing the real demon: overspending that has given their income.
We are all difficult to face the reality, especially when it is hard, as the enliados. But it's better now than postpone, deny or think that will resolve in time. I know some entrepreneurs dear friends, to do just that, in the course of a year lost more than RD $ 2,000,000,000. Big mistake that.
In short: if you're going to keep spending as before, beyond their means, whether consolidated or unconsolidated, as both roads will take you to the same cliff. Only one faster than the other. He already knows.
The bank, though, will gain longer, have better guaranteed risks and lose less. So think again.
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