What is Debt Consolidation?

Solve your debt

Solve your debt

Being a slave to your debts is torture. Imagine that you can lose your assets and damage your credit history is not something that provides a quiet dream. But do not worry, there are ways and in Duplex we tell you how to solve your debt.

The ideal is that under no circumstances acquire debts that break the balance of your finances, but if you feel that you have already passed that limit, the consolidation of debts is a tool to achieve it.

The procedure consists of approaching a bank or institution that offers better payment terms and manages to settle debts obtained in other institutions and transfer them to them.

The institution collects what were previously several debts in a single monthly payment, so you can reduce the expenses that are on different cards helping you with your finances. The truth is that although the monthly payment is reduced, the duration of the debt can be extended.

There are several institutions that perform debt consolidation in different ways; These are some examples:

  • From the transfer of debts in bank and departmental cards
  • In general, they accept a minimum amount from the client but it is done by inviting people suitable for this program
  • The line of credit as well as the terms are assigned by the institution, being these from 6 to 48 months with the possibility of being opened

The recommendation above all is to deal with a single debt but it is important to make sure that the interest rate of the institution is lower than that of debts alone.

In Duplex, you can ask for a loan to pay off your debts and consolidate them with a much lower interest rate than the other institutions from a P2P system (peer to peer, or by its acronym in English, from person to person), which changes radically the centralized functioning of finance today.

For this reason, we not only tell you that Duplex is your best option to consolidate a debt, but it also allows you to omit intermediaries after a review of your credit bureau history.

If you feel overwhelmed, do not hesitate to consolidate your debts in the best possible way with Duplex.