North Country Business Blog

The unification consolidation or consolidation of debts is a process that lets you convert all your monthly payments in one lump sum less than the sum of all your current monthly payments, hence the term consolidate or merge, it brings together all your debts into one.

To carry out the consolidation is necessary that you are the owner of any property, even if it is mortgaged. The unification is to mortgage your property or renegotiate the mortgage you currently have to pay your other debts. There are also companies that provide loans for consolidation, but be very careful if you take this route.

To cancel other debts, and since the interest rate on mortgages is much lower than personal loans, credit cards, etc., You save much money on interest, so your debt is reduced. By reducing your debt the only monthly fee you will pay after reunification is also usually lower than the sum of everything you were paying before.

In short, what you get with the reunification of debts is to convert all your current debts, whether long or short term, lower debt and long-term only, and thus pay less each month.

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