The purchase of credit, as its name suggests, can consolidate loans. So why the word "redemption"? It simply means that a company or a bank or financial institution, will you buy your credits.
In fact, the credit redemption is to consolidate all credits you have running, whatever the type of credit (mortgages, consumer credit , revolving credit, etc. ..).
The acquisition of credit will allow you to collect your monthly payments into one single amount. Why consolidate your loans you may ask? The main goal is to reduce the monthly total of your credits, either by increasing the amount of stipends, either by lengthening the time duration of your monthly payment.
In fact, instead of having several loans, often of different agencies with different sampling dates requiring you to juggle, you will have a single amount charged on a fixed date, so a single contract as well.
The purchase of credit is also a good way to get a fixed rate. In most cases, your loan rate for a mortgage will be significantly lower (and many) at the rate of consumer credit and revolving credit. Here, your overall fixed rate may be, in some cases, renegotiated downward. You can finally breathe.
With a single monthly payment, you'll also get a better view of your debts and will not have to add each sample as in the past. Your monthly budget will seem more clear, you're your own manager.
By lengthening the duration of your monthly payments, redemption of credit will allow you to reduce your monthly expenses then rebalance your budget. Sometimes you will even be able to save.
You do you realize that the purchase of credit will be your guardian angel? A decrease in your monthly payments or a longer duration.
Whatever your decision, the repurchase credit you will cope with the vicissitudes of life (a decrease of income, job loss, change in family status ...). It is also your guardian angel because your situation may change favorably (a first birth, expansion of the family, a career change etc. ..). Do the math!
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