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Should I consolidate my debts? Surely you have asked yourself this many times, we understand you, having to make payments everywhere for a credit card, a loan at the bank and other things that are gradually accumulating, as well as your debt, is annoying.
In fact, a lower balance makes your credit record unaffected, we never know how this can affect when applying for a loan again.
There are many advantages to consolidate debt: it can help you get out of your debts and improve your credit record.
We present the three main advantages of consolidating your debts
First, there is the very small matter of getting out of your debts. Even if you’re muddy with high credit card balances, you have to do everything possible to bring those balances to 0.
However, where you can save money is with credit that has a lower interest rate.
Reducing your interest rate
You will pay your debts sooner than planned! Especially if you have an extremely high credit card interest, the savings can be very significant.
Many of the companies in Guatemala before hiring someone request a credit history certification from the Credit Risk Information System (SIRC), credit bureau of the Superintendency of Banks (SIB).
Different classifications are managed in the credit bureau, these are given based on your payment and debt history, so the faster you get out of your debts the higher your score will be and you will be able to qualify for new credit.
If you want tips on how to keep your credit record
Finally, it is much easier to pay a single credit each month than to go to different points to pay different amounts and with different interests, something really annoying.
This will help you pay off your debt faster by not paying extra for late payments or hidden payments, it can also help you avoid ruining your credit score for late payments.
Finally, we advise you to request your settlement by paying all the debt as well as saving all the promissory notes, you never know when you may need them. Do not ask yourself, are there any advantages of consolidating my debts? Believe us if you can improve your financial health by doing so.