Renewal Credit Purchase

What is a consumer credit ? This term used by credit organizations includes conventional loans ( loans to carry out work, loans to finance a vehicle, loans to develop its interior … ) and renewable credits ( credits that are renewed automatically when the reserve of money borrowed is refunded as credit cards offered by the majority of department stores ). When a consumer contracts too much consumer credit, he is quickly overwhelmed by debts. How to get out?

The repurchase of revolving loans: why?

The repurchase of revolving loans: why?

As mentioned earlier, revolving credits are credits granted to consumers to finance purchases . This type of permanent credit (also called revolving credit) is most often associated with a credit card (or the loyalty card). The consumer therefore has a cash (from USD 500 to USD 5000) to finance his purchases that he can use in whole or in part . The principle of revolving credit is to permanently leave a sum of money to a consumer. In fact, since the amount borrowed has been repaid, the cash is available again.

Consequences of an accumulation of revolving credits

Consequences of an accumulation of revolving credits

Accumulating too many revolving credits can quickly make you dive into the infernal spiral of overindebtedness . Your monthly debts become, little by little, more important than your resources. Consequence: your bank account is in the red. We must react quickly before the situation escalates!

 The repurchase of revolving credits is a solute that will allow you to find a good financial balance .

The repurchase of revolving credits: how does it work?

The repurchase of revolving credits: how does it work?

Group the loans contracted with the various creditors to make one; here is the basis for the redemption of credits. Here, the credit institution (or the banking institution) offers you to take over all your revolving credits.

In theory, how does the purchase of revolving credits work? To explain how it works, we decided to list the path.

  1. The financial advisor analyzes your debt ratio (ratio between resources and debts).
  2. The financial advisor analyzes your current credits (revolving credits as conventional credits).
  3. The financial advisor prepares a balance sheet of the situation and calculates the total amount remaining due to the various revolving credit institutions.
  4. If the file is admissible, the financial advisor offers several offers to buy credits with different monthly payments and durations. The financial advisor can also offer you cash to settle your outstanding payments or finance a new project.
  5. The applicant analyzes the various offers. Tip: do not stay fixed on the amount of monthly payments. Take the time to compare to choose the most advantageous offer.
  6. The applicant accepts an offer by signing.
  7. The financial advisor has all outstanding credits. The applicant has only one credit with a single monthly payment .

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