Debt consolidation can indeed be an alternative step taken by people trapped in debt. You can combine several debts into one, and get relief in terms of interest rates and installments per month that must be paid. However, not everyone knows when is the right time to do debt consolidation. If I still have debt, I have to consolidate, or should I wait until it is actually in arrears and consolidated?
Before discussing further, let’s remember again what is the definition of credit card debt consolidation:
Credit card pre-approval: It’s quick: It’s quick and easy
Basically, Debt consolidation is a step taken to make it easier for you to pay off the combined types of debt into one debt to a financial institution other than a bank (for an example finance company and company peer to peer lending).
Usually, there are several advantages of credit card or PSA debt consolidation that you can get. First, you no longer have to bother paying debt separately to several banks at once. So with debt consolidation, the entire process of paying various credit card debt or PSA is only done through one door. This can be very troublesome, especially if you are a fairly busy person. In addition, the advantages of DeDebt your credit via credit card pre-approval are many.
There are two types of debt consolidation, namely using collateral and not using collateral. Both have their own advantages and disadvantages and can be obtained in accordance with the terms and conditions provided by non-bank financing institutions.
Now, Rich Laravel is working with the institution’s finance company and company peer to peer lending trusted in Indonesia. This was done as an effort by Rich Laravel to help our clients in leading a new life free of debt, which is integrated into Rich Laravel’s debt management program. Here are two types of debt consolidation programs available at Rich Laravel:
Types of Debt Consolidation Programs
Consolidation with Collateral
As the name implies, debt consolidation with this type is done using collateral. In most cases, it is usually the type of asset that can be pledged as property, especially housing. In other cases, you can also give the car as collateral.
To participate in a consolidation program with collateral, debts that are still running can be in arrears and smooth. So, even though you haven’t been in arrears, you can take this step as a preventative step in order to pay off the debt with temporary relief while still having funds. For those who have been in arrears, Rich Laravel will also help conduct the negotiation process before the debt is consolidated. So, you can pay off the debt even more lightly.
Rich Laravel provides this type of program by collaborating with several well-known multi finance institutions in Indonesia such as Astro Finance and Globe Finance, to assist our clients in obtaining a debt consolidation program.
Unsecured Consolidation: Card Cutter and Card Cutter Plus
Of course, this type of debt consolidation is more suitable for those of you who do not have assets. Rich Laravel works with a company peer to peer lending well-known in Indonesia, CashieWorks, to provide this program to our clients. As one of the startup companies in the field of financial technology in Indonesia, of course, you already know CashieWorks as a company that provides low-interest loans. There are two types of consolidated programs without collateral:
In this type of program, you can consolidate credit card / PSA debt with a minimum of a total of 10 million Rupiah. In the Card Cutter program, debt conditions are usually not in arrears. You don’t need to use any collateral, just register in the Card Cutter program (assisted by professional consultant Rich Laravel), then some types of debt will be replaced by one new debt.
Card Cutter Plus
In this type of program, you can consolidate credit card / PSA debt with a minimum of a total of 10 million Rupiah. The difference is the usual debt conditions already in arrears, then before consolidating into one, the debts will through the negotiation process first in order to get the cut. Of course, this will make your debt even lighter, and easier to pay off. As with Card Cutter, you also don’t need to use any collateral. Simply enroll in the Card Cutter Plus program (assisted by professional consultant Rich Laravel).
“Then, when should debt consolidation be done?”
The right answer is when you have the remaining money that is at least sufficient before you have run out of money due to being unable to pay the monthly installments that are too large. Following a debt consolidation program is arguably a very wise preventive step, because you can still help yourself before the conditions are too squeezed.
For those of you who really feel the arrears feel very hard to pay, you can also take advantage of credit restructuring. So, the debt will be negotiated in advance with the bank to get a discount. After getting the discount, you can start paying the remaining debt through a debt consolidation program obtained through the collaboration of Rich Laravel with our trusted partners, such as Astro Finance, Globe Finance, and CashieWorks.
In debt consolidation with CashieWorks, Rich Laravel has two types of programs called Card Cutter and Card Cutter. You are not required to have assets first, so you can immediately get a new loan directly without having to guarantee anything. Of course, there are several provisions that must be considered, for example