Debt Consolidation Personal Loans
Responsible lenders expect you to be responsible too
When they offer debt consolidation personal loans, lenders want to make sure that you don't simply run up even more debt. As a result they'll look carefully at your spending and in many cases will only lend you money on the condition that you cut up your store cards and credit cards.
Debt consolidation personal loans aren't secured on property, which means that lenders need to be sure that you're not simply going to clear your credit cards and then start spending again. Responsible lenders will want to get a very detailed picture of your finances, and in many cases debt consolidation personal loans are offered on the condition that you cut up your credit cards and store cards.
If you're looking at debt consolidation personal loans from your own bank, they may go a step further: if the bank decides that you're living way beyond your means, they may ask for other changes to your finances. Typically that will mean reducing your overdraft limit or getting rid of it altogether, and in some cases the bank may ask you to return your Switch card and replace it with a cash card instead. If your bank makes such requests it's not that they don't trust you, it's that their analysis of your spending patterns means that they think you can't afford to get into any more debt.
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