Multiple EMI, One Solution!! Debt consolidation explained

Описание: Debt Consolidation: One EMI, Less Stress

Tired of juggling multiple EMIs for your credit card, personal loan, and bike loan? Debt consolidation lets you replace 3–4 loans with one personal loan at a lower interest rate (often ~11–12% depending on profile). Result: one EMI, lower cost, faster payoff.

Why it works

Single EMI = easier cash-flow management

Lower average interest rate vs. credit card APR

Better focus to become debt free

How to do it (India)

1. Check CIBIL score 720+ for best rates

2. Compare banks/NBFCs, processing fees, and foreclosure charges

3. Choose a shorter tenure you can still afford

4. Automate payments and pause new credit card spends

5. Avoid teaser rates that jump later; read the loan agreement

Good for: salaried employees with high-interest credit card debt or multiple EMIs
Avoid if: you won’t change spending habits—otherwise it becomes another debt trap

Follow @financewithmeghabung for smart, debt-free money habits.

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