Consolidation loans -Getting a top consolidation loan has never been this easy

You have at least two credits in repayment at other institutions and want to consolidate them. In which cases is this operation really useful?

The benefits of pooling credits are multiple. The reasons for setting up this type of operation vary according to the situation and needs of each borrower. Who is the grouping of loans for? What are the advantages? All the explanations.

Getting a top consolidation loan has never been this easy

There are many benefits to consolidate loans.

Lower the amount of the monthly repayments

The main advantage of top consolidation loan is the possibility of reducing its monthly debt. This is indeed to give a breath of fresh air to the budget of the borrower. For example, a person who pays five monthly installments of 200 euros or 1,000 euros in total will be able, thanks to this operation, to reimburse a single term of 800 euros. Having only one loan to repay is much easier for borrowers.

Implement a new project

Lightening monthly payments and extending the repayment period can enable you to make a new project a reality by obtaining additional cash. This amount of money will be included in your new refund.

Get a more interesting loan rate

Mortgage and consumer credit rates are at historically low levels. It is in the best interests of borrowers to set up a pool of credits and to obtain a higher interest rate.

What is the grouping of credits?

Loan consolidation brings together multiple credits into one. More specifically, this arrangement aims to restructure outstanding debts into one that will be repaid each month by paying a single bill. Through this operation, borrowers can adjust their monthly repayment charge to their budget. In return, however, they go into debt over a longer period.

In the context of loan consolidation, the initial credits that will be repurchased by the institution in charge of it may be consumer loans, real estate loans, car loans, work credits or renewable loans. The grouping of credits can be set up with a mortgage or without a mortgage.

How to benefit from a loan consolidation?

The borrower who wants to consolidate its loans must apply for it before ending up in default. Its debt must be less than 33% of its income. This operation is of interest to borrowers who have to repay several credits at a time and who seek to obtain better visibility of their rest to live. Consolidation of credits can also be useful if you are faced with a refusal to negotiate by the lending institution.

To study the feasibility of your request, do not hesitate to use a loan consolidation simulator.

How to organize your finances and get out of debt | Do it yourself payday loan consolidation


Learn how to get out of the red!

Are you facing financial problems because of bills you are unable to pay? Are you frustrated by this? Know that getting out of debt is possible. And to get started you should organize your budget, plan and act smart and strategically.

Right now, desperation may be knocking on your door. However, it is important to remain calm and start taking action to solve the problem.

While you might even think otherwise, organizing your budget and getting out of debt may be easier than you might think. For this you need to know what to do. That’s why we’ve come up with some tips to help you accomplish this task and ensure your financial peace of mind.

Write down all your income and expenses

Write down all your income and expenses

If you believe that rich people only got it because of a good salary. It is very likely that you should review your concepts. Those who achieve financial prosperity can only succeed because they have been able to maintain an organized budget. And for that, it is critical to know exactly how much you earn and how much you spend.

So, to get out of debt and organize your accounts, the first step you must take is to keep a table where you can write down all your income. That is, what you earn (your salary and other sources of income) and all your expenses.

And when we say that you should write down everything you spend, we talk about everything from your basic bills like electricity, water and phone, for example, even that sweet bakery at the corner of your work.

That way you can get an accurate sense of how much you earn and how much you spend. Only then can you keep your budget organized. This will make it easier to plan your expenses and get out of debt more easily.

To do this you can use a monthly spending spreadsheet or mobile app, which can help a lot when you can’t access your computer to make a note of your spending.

Have an investment goal.

Have an investment goal.

Anyone who wants to be successful about something they want to do should set a goal, and when it comes to organizing the budget and getting out of debt, it’s no different.

If you have debts that you are unable to pay and want to get out of this complicated situation, a good idea to reach this goal is to set a monthly goal of how much you need to save to settle your overdue bills.

When you have a set goal, it is easier to get where you want it, because if you realize that you are reaching that goal even before the deadline, you are sure you are on the right track and can relax a little.

Similarly, if you find that you are still far from the target you know you will need to work harder to get where you need to.

The most interesting thing about setting a monthly savings goal to pay off is that once you get out of debt, you can keep that goal with other goals, such as taking a trip, changing your car, or fulfilling any other wish. money you have.

Before you buy anything, negotiate

Before you buy anything, negotiate

Every time you buy something, try to negotiate with the seller. This negotiation can be about the price of the products or services you intend to purchase or about the payment method.

It is best to negotiate by way of payment, since negotiating for the total products, you may end up spending more money than you were originally willing.

A good tip for negotiating a payment method is to use cash to buy, so you can request a discount from the seller, as by not using the credit card machine, fees will be saved for both you and the seller.

It turns out to be a situation where both parties win, is when negotiating with the seller, is this kind of relationship that you should seek. No one needs to lose out, and that’s the kind of thinking you should rely on to convince a salesperson to offer you a discount.

And so you can save more money to get out of debt .


Make your cash purchases

Make your cash purchases

To get out of debt the ideal is that until you can repay everything you owe, you avoid getting into even more debt through installment purchases, which are one of the big baddies of debt .

When you make installment purchases, you may not realize how much you are spending. That’s because not taking money out of your wallet pays for one important psychological factor: You don’t feel the impact of that spending on your budget at that time.

It may seem silly, but the fact that you pay for your purchases using cash instead of credit card, you can see that you are spending and feel the impact of that spending immediately.

Another advantage of paying for your purchases using cash, as explained in the previous topic, is that it is easier to get discounts because you are paying cash.

Share your budget with someone you trust

Share your budget with someone you trust

Another simple strategy that can help you get out of debt faster is to share your budget with someone you trust.

Tell this person that you need to save 15% of your income today to settle open accounts.

This is an interesting outlet, because when we commit to someone, we tend to be more responsible and motivated, since we don’t want to disappoint a person we trust.

If you share with the people around you who are trying to save money to get out of debt, you tend to end up working even harder to achieve that goal, which is a purely psychological matter.

Alternatively, you can set up a support group, something like Anonymous Debtors, bringing together people who are facing the same kind of financial problem as you.

So together you can talk about the difficulties and think of ways to solve the problem, since everyone’s goal is the same.

Always try to be learning

Always try to be learning

If you want to keep your budget organized and achieve financial balance after getting out of debt, it is important that you are always willing to study and learn about finance.

On the internet you can find plenty of free content on the subject.

Right here, in Fixed Income, you can read several articles dealing with topics such as investing and personal finance. In addition to content explaining how to save money.

Browse forums, blogs and videos on youtube. Inform yourself as much as you can to achieve the goal of a smoother financial life.

First, pay higher interest debts

First, pay higher interest debts

Another strategy you should use to get out of debt is to pay off those with the highest interest rates first.

This is because it is exactly these financial backlogs that are eroding your resources faster.

Interest accrues over time and makes the amount you owe higher and higher. The higher the interest rates and the more time goes by, the harder it gets to pay off what you owe.

So make a list of all the debts you need to pay. Also, look at which ones have the highest interest rates so you can settle them first.

Negotiate repayment of your debts with your creditors

Negotiate repayment of your debts with your creditors

If you owe a lot and want to get out of debt as soon as possible, a good tip is to look to your creditors to negotiate the payment of the amount due.

Try to make the payment as fast as you can so you can pay a lower interest installment.

At this point, it is crucial that you avoid contracting other debts, even though applying for a loan to repay what you owe is tempting.

Doing so will only open one hole to plug another. And we know that this is not an unintelligent strategy for those who need to organize their budgets and regain the health of their financial lives.

In today’s article you have seen some simple and practical tips for you to organize your budget and get out of debt, ensuring your financial peace of mind.

If you enjoyed these tips and want to see more content like this, keep following our posts. And also check out our previous articles in the blog archive.

Here, in addition to tips for organizing your budget and keeping your financial life healthy, you will also find guidelines for choosing the best investments.

Where should we collect our money? – Credit

There’s been a lot of talk lately about the need to save money, so it’s a good idea to look at the options available to anyone looking to save money.

What are our expectations for a savings account?

Don’t be too expensive to maintain it. (That’s why we don’t buy life insurance, you can read a lot about it here.)

Be free, whether I want to add or take it out, I can do it.

It should be available for a relatively small amount


Every month when we deposit at least HUF 10,000 a month, we get a high interest rate, currently 7.5% per annum. Otherwise, 2.5% annual interest for that month, and if we withdraw money from the account, only 0.15% interest for that month. (But this can be prevented by keeping two accounts and transferring the remaining money to the other account where it will be interest bearing.)

Free account opening, zero HUF monthly fee, free netbank, free online transfer within the bank.

The maximum amount is 5 million HUF / account, but one person can open up to 3 accounts.

If more serious money is raised, you can save it on a higher interest rate somewhere else or on a TBSZ account free of interest.

Our second competitor is the E-Money Predictive Deposit Account , similar to Good Piggy Bank, with the following differences:

Only customers with E-Money current accounts


(This is not a requirement at Good Malacpersely), but are free of charge.

The interest rate is only 0.15% up to 10 thousand per month, 3.25% up to 40 thousand per month, and 6% over 40 thousand per month.

The share above HUF 2.5 million only yields 0.15% interest. (Good Piggy Over 5 million, not every year, but in total.)

Third competitor is the Litcredit Regular Savings Program . Unlike the two products so far, the focus here is on investing in mutual funds. There are six funds available for a home fund manager, Pioneer, with a minimum monthly savings of $ 10,000. We can also invest some of our money in “high-interest bank deposits”, but neither the announcement nor the terms and conditions indicate how high the interest is.

One disadvantage of a security is the need for a securities account

One disadvantage of a security is the need for a securities account

(And bank account), along with all of its costs, and because the form of the investment results in unpredictable returns. According to Litcredit, the 5-year yield was 2.5-6.7% annually, depending on the fund, and the 2-year yield was up to 20%. I can’t imagine how this came out to the bank, but in any case, I’m copying the official results of the funds involved, though at this point there is no 2 year return.

Money market fund: 5.01%, Hungarian bond fund 4.61%, Central European equities -7.87%, international mixed 4.26%. The remaining funds are not even a year old, so there is no data available.

According to the prospectus: “As an example, an analysis of the performance of the following three pre-assembled investment portfolios over the past two years showed that, even for a secure portfolio, returns were above 11% per annum and for dynamic portfolios was close to 20% per annum . (in the case of savings in investment funds).