As housing prices have risen year by year, more and more people have opted for consumer loans to help repay their mortgages. However, when using the strategy of consumer loan repayment, particular attention needs to be paid to techniques to avoid overpayment or debt rolling for some reason。

Consumer mortgages

1. Choice of consumer loan lines

When selecting a consumer loan, a full assessment of its financial position and income and expenditure should be undertaken and the amount of the consumer loan should be determined on the basis of that assessment. Ensure that the level of consumer loans is consistent with their own repayment capacity to avoid additional debt pressures。

2. Choice of consumer loan rates and fees

In selecting consumer loans, the optimal paragraph should be selected by assessing and comparing the consumer loan rates and costs of different banks and financial institutions. It should be borne in mind that “interest rates” and “costs” in bank consumer loans are not included in each instalment and that, therefore, special attention needs to be paid to measuring the adequacy of its ability to repay each instalment without surprise。

3. Preparation of a repayment plan

when using a consumer loan repayment strategy, a clear repayment plan should be established and the repayment date set before the repayment date. a repayment plan should also be prepared in consideri: all expenditures should be accounted for and the amount of money taken per month should be determined before further detailing the amount and timing of “reimbursement”。

4. Rational use of consumer loans

Once we have access to consumer loans, we should clearly allocate their use and avoid using consumer loans for insignificant expenses. It is recommended that, when we use consumer loans, priority be given to allocating the necessary monthly expenditures and that funds be used for the necessary investments once sufficient repayment capacity is confirmed。

5. Readiness of repayment plans

Life is changing, and consumer loan repayment plans must be adjusted at all times. If it is found that there is too much pressure to repay, it will be necessary to adjust the repayment plan or the level of the consumer loan in a timely manner。