There are times of the year when all expenses seem to line up while revenues always remain the same. Being able to cope with these moments and to punctually pay all the deadlines (including mortgage, car installment and much more) may not be easy. When you request a loan you can have a stable economic situation, but in the times in which we live, constantly changing, everything can change from one moment to the next and anyone can go through a moment of difficulty. Being able to know how to lighten the loan installment allows you to live more serenely and not to increase your debt. Let’s see what are 3 practical methods to reduce the installment of a loan.
How to lighten the loan installment: refinancing
If you are in difficulty to pay the installment of a loan in progress because it is too high, you can ask for a reduction in the amount of the same from your Bank or Financial institution, through a refinancing . What’s it about? On a practical level, it is requested to increase the duration of the loan in order to decrease the amount of the single monthly installment to be paid. For example, if 30 installments of 300 dollars remain, you can request refinancing in order to extend the duration of the same and return the residual debt with 45 installments of 200 dollars.
How to lighten the loan installment: the surrogate
The second method that may be required to decrease the monthly payment to be paid is the surrogate . How does it work? You turn to another institution to pay off your loan (for example, the mortgage) so that you can re-negotiate the conditions of the same. By doing this, you will be able to obtain a lower rate and a lighter installment.
How to lighten the installment of a loan: debt consolidation?
Debt consolidation can be used if you have several active loans. With this form of loan you can start an extinction, combining all the loans and going to pay a single installment, easier to pay. It is an excellent solution to improve your debt situation, without worrying more about the many deadlines and being able to access a lighter installment.
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