Refinance with Debt Consolidation Loan 2023

This morning, I was browsing my facebook. One video caught my eyes.

Usually, I’d browse the video quickly, but this one I watched till the end.

I felt connected to the content of the video.

It brought me back to my early 20s when I still naive and accumulated so many debts on my credit cards.

When I got my first credit card, I was super happy that I swiped until maximum. My limit was RM3000, and I swipe RM3000. Yeap, that’s me.????

I still naive in managing my financial and at the same time information about how to manage your finances is scarce.

I realized not only me struggling with financial debts. My colleagues and friends too.

I guess we’re still young and at the same time, we want so many things that we don’t need to make us happy. ????

When I got my second credit card, I was so happy. I use the second one to pay the first one. ????

I am using new debt to close another debt. Yeap, sound foolish, but I do what I have to survive. Some will use a personal loan to cover their credit card debts. Sound familiar?????

In reality, we thought the debts are gone. However, we’re just transferring that debt to another debt or prolong it so that we can breathe again.

Yes, at least we can breathe and feel great again.

That time, I was earning RM1800 per month.

Over the next couple of months, I was drowning with my debts. The debts suffocated me. I hate myself more and more every day.

Debt collector keeps calling during the day and in my office. I was in such a mess. I broke down and cried.

One thing I learned.

When you need to cry or shout or whatever action, you need to do to get the stress out from your system.
Just do it!

And once you’re done with the crying or self-pity, pick up yourself up again and reset the button.

That’s what I did!????

I am so lucky at that time. I find a solution.
Your family is the best thing you have in life, and I turned to my family.

My dad has an apartment.

I refinance the property and get some cash out from it. I use the money to settle my credit card debts.

It’s true I’m just using one refinance home loan to covering my credit card debts. However, by doing so, it buys me more time to settle my debts.

Now, I can focus on me and earning my income to repay the debts. While at the same time the installment doesn’t burden me at all compare to credit cards.

So, that is my first own experience of refinancing. Like many people out there, we’re refinancing our property for many reasons.

Some people refinance to settle study loan, credit cards, personal loan, car loan, marriage loan and any other loan.

Some would refinance to renovate their house, to buy a new car, buy a new home, to pay a medical bill or to facilitate children education.

It can be any reason.

Regardless of what reasons, you should know that it is okay to refinance and serves whatever purpose you need to accommodate your life.

In future when you’re capable of paying back the refinance home loan, just fully settled it or if not, come to the worst scenario you can always sell the property.

That’s the beauty part of buying a property. It can help you when you’re stuck financially. Of course, you have to buy the right kind of property, the one that will have property gain, not a loss.

In these few years, there is a new hybrid of refinancing. It’s called refinancing for the debt consolidation loan.

Basically, the refinancing debt consolidation loan does is directly settling your existing debt; it can be your personal loan, credit card, car loan and so on. Then, if there is a cash out after the debts settlement, you can receive it in cash.

The advantages under refinancing debt consolidation loan is the existing debts that they commit to settling for you will not calculate as part of debt service ratio calculation.

It’s mean that it’s easier to get the refinancing home loan approval under debt consolidation loan compare to the traditional refinancing way.

However, there are also other factors to consider as your existing loan payment should be on time; your income should be in a certain range and so on.

There are not many banks doing refinancing debt consolidation loan. The one that is doing are Bank Islam, Bank Rakyat, and Alliance Bank.

If you would like to know more about refinancing debt consolidation loan, you can get in touch with us so that we can explain to you in details and in the same time recommend a few reliable bankers from the bank to you too.

I hope you enjoy this article about Refinance with Debt Consolidation Loan and if you have friends or family members that can benefit from this article, feel free to share with them.

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I see you soon!


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