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loan management, the ultimate way to financial freedom

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LOAN MANAGEMENT, THE ULTIMATE WAY TO FINANCIAL FREEDOM

Most of time we find ourselves in need of some amount of money beyond our means and we are forced to seek for further assistance from some financial institutions.

Different financial institutions offer different terms and rates and so financial literacy is vital when seeking for some financial services as some terms may appear too appealing only to disappoint when it comes to loan repayment remember when the deal is too good, think twice.

Loan management is very important for anyone servicing a loan; one should ensure that there are no arrears carried forward and if possible some prepayment should be made. Loan management cannot be done by a person who took a loan without a priority; any type of loan acquired must be invested to generate some income and to allow for loan repayment.

At times we acquire different types of loan within a certain duration which at times is a big burden constraining our finances. Multiple loans if not well managed can at times cause one to be emotionally, physically and financially depleted thus making one disheartened.

Good loan management requires one to make the right decision. A right decision at the wrong time makes it a wrong decision. Good decision making, entails one consulting from the right authorities that is seeking the right information from the right people. For one to become effective in loan management, one has to be willing to learn, plan and prepare. The fact that we have in the past made some serious mistakes, does not qualify us to be failures.

In some instances, we have found ourselves with many different types of loans than we cannot manage and this makes loan management hard to control. Some financial institutions have quite often approached us in an effort to manage our loans in the name of consolidating them. Here are some of the merits and demerits of consolidating a loan/s Consolidation of loans is an advantage on its self as it gives an individual an opportunity to renegotiate the interest rates which happens to be an advantage the customer.

Consolidation of loans reduces the monthly payments as the payments are redistributed over a long duration of time thus making it less stressful to the individual client. When loans are consolidated, the transactions are reduced and simplified such that one evades the strain of dealing with multiple creditors. Another big advantage is the fact that one can build a good credit rating by ensuring that the monthly installments are well paid.

A coin has two sides and so loan consolidation has its other side. A longer loan term on the loans translates to paying more and this becomes even more expensive. Loan consolidation may at times not offer the lower interest requested for.

It’s advisable to consult widely before acquiring a loan as some of the factors that compel people into acquiring loans that lead them to poverty are; the fact that they want to be millionaires instantly, having a limited vision, compromise on integrity, momentarily pleasures and lack of worthwhile goals among others.

Financial Management Literacy; Why It’s Important To Plan Into The Future- financial institution

LOANS, UNRAVELING OUR FINANCIAL TIES ON LOANS- loan repayment


 
 
 
 
 
 
 
 
 

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