If you are 50 years of age or more and are paying EMIs of home loan, car loan, education loan, personal loan, education loan, gold loan, marriage loan, credit card EMIs, etc., it is high time you considered debt consolidation to ensure that by the time you retire, you would have no repayment burden on your head.
So what is debt consolidation all about? Simply put, debt consolidation is taking stock of all your debts and drawing up a plan to extinguish all debt, starting with high cost debt. The final purpose of the plan is to extinguish all debt systematically over a specific period of time.
To begin with, one needs to make a list of all the debt, the principal amount outstanding in each case, rate of …
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