Loan requests for debt consolidation increased: + 3.6% in 2018
Positive signs in 2018 for the lending sector, since in all of Italy the requests grew by 8% compared to the previous year. In detail, particularly positive results were found with regard to debt consolidation applications, which grew by 3.6%, while the number of loans linked to the purchase of furniture assets rose by 1.6%, followed by the health sector, with a + 1.3% increase to pay medical expenses. Surprisingly, the requests for improvements and renovations for their homes seem to have fallen.
The data in detail
The estimates come from the Joint Observatory of some companies which show, as we have mentioned, a significant increase in requests for personal loans aimed at consolidating debts, mobile purchases and medical expenses, with a sharp decline instead of the requests of financing for home renovation. In fact, loan applications increased by 8% compared to the same period of the previous year, with choices that also led to amortization of the amortization plans, which grew on average from the classic 60 installments to 62, in order to further dilute payments.
Along with the amortization plans, the destinations of the requested sums also change: if car purchases are favored for 22%, those destined for homes fall, with a decrease of 4.3%. Meanwhile, as we have seen, the requests for debt consolidation grew significantly: 3.6 percentage points compared to 2017. And it is Andrea Bordigone of Facile.it who pointed out how Italians are taking a behavior towards money. more responsible, given also the awareness that a more rational and controllable administration is required for a proper and prudent management of debts, asking for example a loan for consolidation of debts.
What is a debt consolidation loan?
The unforeseeable and solvable needs with loans to be repaid in installments often lead to a confusion created by the overlapping of debts contracted with various banks and institutions, together with the risk of missing an installment due to forgetfulness or a momentary lack of liquidity. In order to avoid these drawbacks, the solution is often seen in the possibility of uniting all the loans contracted over time into a single loan, so as to be able to manage only one deduction with a fixed and clear amount. This system is called asking for a “loan for debt consolidation” and consists in requesting a new total sum, which balances all outstanding slopes and gives the possibility of agreeing a new installment, with more current interests and a less burdensome repayment plan..Creditstair, which now also offers the opportunity to get the consolidation of its credits without bank intermediaries.
Obviously, using this service is not possible at all, since any credit institution will first want to assess the financial soundness of the applicant. In particular, the variables that determine whether or not the loan is granted are generally the institution’s risk policies, the level of income and the creditworthiness of the applicant, which in general depends on the type of employment contract, the seniority and the absence of reports as a bad payer.
Obviously, before joining any offer, you need to understand if there are more costs to be faced and which ones, so that any difference is not burdensome, and can be reciprocated by a lightening of the installment.