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Managing multiple debts can be confusing. The more payments that are coming out of your bank account each month, the more difficult it can be to manage your finances.

That’s where a debt consolidation loan could help. Debt consolidation combines multiple debts into one easy-to-manage monthly payment, making it easier to stay on top of your finances.

Debt consolidation loan

A debt consolidation loan is a new loan big enough to repay multiple existing debts. By paying off several debts with your loan, you are effectively ‘consolidating’ various debts into one.

Many people who take out a debt consolidation choose to repay the loan more slowly (than they would have repaid the debts they are consolidating), meaning their monthly payments will be lower. Full article…

NEW DELHI: The Government today said that bad debts in credit cards increased to Rs 5,094 crore last fiscal from Rs 2,852 crore in the previous year.

The impaired credit cards receivables constituted 17 per cent of total outstanding against the plastic instrument in 2008-09 against 10 per cent a year ago, Finance Minister Pranab Mukherjee told the Rajya Sabha in a written reply.

At the end of the past fiscal, there were 2.46 crore credit cardholders in the country.

The maximum card holders was of ICICI Bank, which constitute over 30 per cent of the total at 77.82 lakh, followed by another private sector lender HDFC Bank at 43.88 lakh, the minister said. Full article…