{"id":59839,"date":"2023-11-20T11:29:50","date_gmt":"2023-11-20T03:29:50","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=59839"},"modified":"2023-11-20T19:09:04","modified_gmt":"2023-11-20T11:09:04","slug":"an-introduction-to-debt-consolidation","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/an-introduction-to-debt-consolidation","title":{"rendered":"An Introduction To Debt Consolidation"},"content":{"rendered":"

It doesn\u2019t matter if you\u2019re a fresh graduate or if you\u2019re a seasoned member of the workforce, one thing you have to admit is that as a working member of society, debt is pretty much unavoidable.<\/span><\/p>\n

From your car and housing loans, to your student loans and even your credit card, it is highly unlikely for someone to live a completely debt free life.<\/span><\/p>\n

This situation means one thing; it\u2019s imperative that you find a good way to manage your debt. In this article, we\u2019re going to have a look at debt consolidation, one of the more popular ways of debt management.<\/span><\/p>\n

<\/span>What is debt consolidation?<\/b><\/span><\/h2>\n

Debt consolidation refers to the act of taking out a new loan or credit card, to pay off all your previous existing loans and credit cards. Collecting all your separate loan payments under a single loan that is easier for you to pay off.<\/span><\/p>\n

Here\u2019s an example;<\/span><\/p>\n

Let\u2019s say you have multiple existing debts at a total of RM65,000.<\/span><\/p>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t
Debt<\/th>Balance<\/th>Interest rate (p.a.)<\/th>Monthly repayment<\/th>\n<\/tr>\n<\/thead>\n
Credit card A<\/td>RM13,000<\/td>18%<\/td>RM650<\/td>\n<\/tr>\n
Credit card B<\/td>RM16,000<\/td>18%<\/td>RM800<\/td>\n<\/tr>\n
Credit card C<\/td>RM17,000<\/td>18%<\/td>RM850<\/td>\n<\/tr>\n
Personal loan (two-year tenure)<\/td>RM19,000<\/td>13.45%<\/td>RM1,005<\/td>\n<\/tr>\n
Total<\/td>RM65,000<\/td>16.78%<\/td>RM3,305<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/span><\/p>\n

In this example, you\u2019ll pay RM3,305 every month to clear off all your debts. If you take two years to pay them off, you would pay RM11,538 in total interest.<\/span><\/p>\n

But here\u2019s how it\u2019ll look after it is consolidated.<\/span><\/p>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t
<\/td>Existing debt<\/th>Consolidated debt under
\na new loan (two-year tenure)<\/th>\n<\/tr>\n<\/thead>\n
Total balance<\/td>RM65,000<\/td>RM65,000<\/td>\n<\/tr>\n
Interest rate (p.a.)<\/td>16.78%<\/td>4.99%<\/td>\n<\/tr>\n
Total monthly repayment<\/td>RM3,305<\/td>RM2,979<\/td>\n<\/tr>\n
Total interest payable<\/td>RM11,538<\/td>RM6,487<\/td>\n<\/tr>\n
Interest savings<\/td><\/td>RM5,051<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/span><\/p>\n

So as you can see here, with debt consolidation, you\u2019re actually saving RM5,051 in interest, which is quite a sizable amount.<\/span><\/p>\n

But how does this happen? Let\u2019s dive deeper. <\/span><\/p>\n

<\/span>The aim is to reduce the amount of interest you are paying<\/span><\/h2>\n

The theory behind debt consolidation is actually very simple; you\u2019re looking for a reduction in the amount of interest you are paying every month in your repayments.<\/span><\/p>\n

In the first table in the above example,, you\u2019re paying RM3305 every month to clear off all your debts. But what you don\u2019t know is that in that RM3305 you\u2019re paying every month, RM480.75 is purely for the interest.<\/span><\/p>\n

In the second table, you\u2019re seeing how debt consolidation works. Although the total of your debt is still RM65000, you\u2019re paying much less because you\u2019re paying less interest.<\/span><\/p>\n

However, this does not mean that debt consolidation is a catch-all solution.<\/span><\/p>\n

The reason the above tables work as a good example of debt consolidation is because the interest rate is set at a rate that is advantageous for the example.<\/span><\/p>\n

Have a look at what happens if the interest rate is less favourable;<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t
<\/td>Existing debt<\/th>Consolidated debt under a
\nnew loan (two year tenure)<\/th>\n<\/tr>\n<\/thead>\n
Total debt<\/td>RM65,000<\/td>RM65,000<\/td>\n<\/tr>\n
Interest rate (p.a)<\/td>16.78%<\/td>20%<\/td>\n<\/tr>\n
Total monthly repayments<\/td>RM3,305<\/td>RM3,308<\/td>\n<\/tr>\n
Total interest payable<\/td>RM11,538<\/td>RM14,397.45<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

See what happens? This is why you should tread carefully if you want to try out debt consolidation. Done wrong, you can be paying more than you were originally.<\/span><\/p>\n

<\/span>Advantages of debt consolidation<\/b><\/span><\/h2>\n

So, now that you understand how debt consolidation works, let\u2019s see the advantages of debt consolidation.<\/span><\/p>\n

Fewer bills to manage<\/b><\/h3>\n

As the name implies, debt consolidation consolidates all your existing debts into one big debt, which will save you from headaches of trying to figure out which debts have you already paid for the month, while also saving you from the anxiety of worrying about missed payments.<\/span><\/p>\n

Get more liquid cash<\/b><\/h3>\n

When you consolidate all your smaller debts into one big debt, chances are you will be paying a smaller amount every month. This frees up more liquid cash for you to pursue other interests.<\/span><\/p>\n

Save up on interest<\/b><\/h3>\n

Theoretically, if you get a good deal and a good interest rate with your debt consolidation loan, you will pay less interest on your loans, as shown in our example.<\/span><\/p>\n

<\/span>Disadvantages of debt consolidation<\/b><\/span><\/h2>\n

But even with all these advantages, debt consolidation isn\u2019t a catch-all solution for everyone. There are things that you need to consider before deciding to go through with debt consolidation, and the most important one is;<\/span><\/p>\n

You might not qualify for a good interest rate<\/b><\/h3>\n

As I\u2019m sure most of you know, the interest rate you get from your loans are given by your bank, depending on several factors such as your credit score and your credit report. If you don\u2019t qualify for a good interest rate, debt consolidation might not be for you as you\u2019ll likely be paying more by the end of your loan.<\/span><\/p>\n

Debt consolidation is not a debt solution<\/h3>\n

It merely combines all your debt into one single, more manageable loan. If your current monthly repayments seems smaller in figure, check if it is due to a longer loan term, for which you may be paying higher interest rates.<\/p>\n

Remember, if you are having trouble meeting the monthly payments after consolidating your debts and take on another loan, then you are back to where you started.<\/p>\n

<\/span>Make it work to your advantage<\/b><\/span><\/h2>\n

If you\u2019re looking for a way to manage your existing debts, then you probably should consider debt consolidation. <\/span><\/p>\n

However, you do need to do your research and ensure that you\u2019re going to be benefiting from your debt consolidation, instead of paying a lot more.<\/span><\/p>\n

It\u2019s not perfect for everyone, but if it works for you, give debt consolidation your consideration.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Looking for a way to better manage your debts? Let\u2019s have a look at debt consolidation, and if it works for you.<\/p>\n","protected":false},"author":51,"featured_media":59841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,218],"tags":[1678,355,1666,805],"class_list":["post-59839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money-management","tag-debt","tag-debt-consolidation","tag-debt-financing","tag-debt-management"],"acf":[],"yoast_head":"\nDebt Consolidation 101; Everything You Need To Know<\/title>\n<meta name=\"description\" content=\"Debt consolidation help you manage your debts. But what are the things you need to know before consolidating your debts? 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