Many people only rethink their financial situation when debt accumulates and it becomes a problem. Most of the time, a desperate search is made for a solution, how on the one hand the debts can be eliminated and on the other hand, normal life continues.
We are happy to think of a loan in spite of debts, which should bundle the debts and thus “eliminate” them first. But it’s not that easy. Because the debt is not gone through a loan but only shifted. Payment must be made despite all of this. It can also be difficult to take out a loan if the debt has already had a negative impact on creditworthiness.
Loans despite debt – not always the best way
Even if it sounds easy, it is not. Those who replace debt with new debt usually end up in the debt trap. And you can only escape this with the help of bankruptcy. Therefore, you should consider carefully whether a loan is the right way despite the debt. If you decide to do so, you should prepare an income and expenditure calculation in advance. This can be used to determine which financial options are available each month to repay the loan. In addition, it must be determined how high the debt really is so that the loan amount can be selected accordingly.
Now it’s time to find the right loan partner
If the debt has not yet had an impact on your credit rating, you can try your luck with a loan in spite of debt at any bank or savings bank. Corresponding offers can at best be selected via the Internet so that you can explore and compare the possibilities in peace.
If, on the other hand, the creditworthiness is already impaired, there will no longer be a loan in spite of debt using the conventional method. Here you have to see whether a lender-free offer can be found. But be careful: These loans are usually only offered through credit intermediaries who, in addition to a high processing fee, will also charge high interest on the loan.
In addition, the loan amount will sometimes be limited to a small amount, since the loan often comes from abroad. So it has to be carefully considered and calculated whether such a loan would be worthwhile at all.
Perhaps then it is the better way to face the debt and to reduce it step by step on your own. Without any loans or outside help. With a debt settlement plan, all outstanding claims can be recorded and arranged in such a way that they are serviced and paid in small steps. So that the debt is a thing of the past once and for all and not just redistributed by a loan.