A long list of good resolutions for the new year is quickly drawn up – however, with the subsequent implementation, one or the other then usually fails. However, those who plan to reduce unnecessary expenses and save a little more money in 2015 should rather work sooner than later – especially borrowers now have the opportunity to save a lot of money. Interest rates for consumer loans are currently at an all-time low, so if you reschedule your old loan now, you will quickly save several thousand USD in interest costs.
Use interest rate low now and save a lot of money through debt restructuring
In the case of debt restructuring, the remaining debt of an existing loan is transferred to another loan with more favorable terms – as a result, the bank customer can save a lot of money through the interest rate differential.
In order to reschedule an old loan onto a new loan with cheaper interest rates, it is advisable to first find out the conditions under which a bank would reschedule the remaining liability. Consumers can get the quickest overview of the current conditions of many banks via a free and non-binding loan comparison on the Internet. Only the outstanding liability with the desired term is entered here, after which it can be seen which conditions the various institutions would currently require for such a loan.
Important: Indicate debt rescheduling as the intended purpose
If a suitable offer was found via the loan comparison, it is important to indicate the intended use “debt rescheduling” when applying. In this case, the new bank does not include the existing liability in the loan decision. In this way, on the one hand, the likelihood of a basic loan is increased, and there is also the chance to obtain the debt rescheduling loan on more favorable terms. If the desired debt rescheduling loan was granted by the bank, both institutions process the actual debt rescheduling – i.e. the settlement of the old liability – among themselves. So now implement your savings plan for 2015 quickly and use the cheap loan interest for your debt restructuring.