Debt Consolidation: A Smart Way to Pay Off Your Debts Faster

Tired of paying multiple EMIs? How about merging them into one? With debt consolidation you can and with a good credit score, it becomes easier. Let’s decode.

Debt consolidation: the concept

Debt consolidation means paying off multiple debts with one loan. It frees you from multiple EMI payments and is convenient.

Benefits of debt consolidation

• You don’t have to service multiple loans
• A single EMI is payable for the consolidated loan
• Your debt burden becomes lighter

Under debt consolidation, you avail of another loan to pay off your existing ones. Your credit score is measured before sanctioning the new loan

A good credit score allows you to:

• Be eligible for the loan
• Get quick approvals
• Negotiate lower interest rate
• Get favourable tenure
• Get higher loan amount

So, while you are managing your debts effectively, keep an eye out for your credit score. maintain a high score for favourable loan terms.

Apply for IDFC FIRST Bank Credit Cards to embark on your credit journey.