Explanations about credit redemption in all its aspects! However, it would be beneficial to have a synthesis of actions and concrete advice for balanced budget management. http://www.jacahuesca.com/online-small-business-loans-a-business-loan-is-available-immediately/ for further explanation
Check out the 8 tips to apply after a loan restructuring operation!
Organize budget management and honor all account withdrawals
This is to avoid the rejection of withdrawals accompanied by bank charges, as well as a file at the Banque de France for payment incidents.
Set up a programmed savings
It is recommended to set up a programmed savings in order to allow you the constitution of a security nest egg. In case of exceptional expenses, you will be a comfortable financial mattress and will avoid you to call on credit.
Make sure you maintain a reasonable debt ratio
It is by ensuring a stable household debt ratio, that the cash inflow and outflow will be done smoothly. You have to start worrying as soon as it exceeds 40%. However, a higher debt ratio can be controlled provided a significant household income.
Keep only one bank account
After a credit consolidation operation, it is strongly advised to close all bank accounts without any concrete utility. Only a bank account must be opened, this is more than enough for the good management of the budget. Over a period of 12 months, a real savings in management fees for account is achieved.
Stop using renewable credits
It is better to avoid the use of revolving credits that degrade the good health of bank accounts. An easy way out that accentuates household debt. Drawing money from one reserve to another to meet household expenses leads to over-indebtedness!
Frequent use of bank overdraft = danger!
Using the authorized bank overdraft too often means having financial difficulties to make ends meet. There are two reasons, it is about daily expenses whose recurrence is due to you. So, it is advisable to stop his untimely expenses. Either they are credits subscribed after your credit consolidation transaction, and in this case, you can try to make a repurchase redemption of credits.
Have a global vision of the management of your budget
Managing your monthly budget requires having a global view of the inflows and outflows of money fluctuating in your bank account. A sterile linear vision, which consists of treating financial movements one after the other, day, day, leads the right home to a certain excessive indebtedness. Especially, if the presence of savings is non-existent.
Invest in a real estate project
By decreasing the monthly charges of credits in repayment, the restructuring of loans entitles to a reduction in the debt ratio of the household. Depending on the nature of the consolidated loans and the spread of the debts, the gain on the operation can reach 60%. A drop that can allow the realization of a mortgage at the best rate thanks to a better borrower profile.
A credit redemption operation offers borrowers the opportunity to rethink the management of their budget. It is a question of undertaking a partial or total overhaul of all its credits. Depending on the financial situations encountered during the processing of client files, consolidation of loans can have several effects.