Ad­vice on fi­nance, cos­metic surgery, ca­reers and skin­care

Friday - - Beauty -


Q I have four credit cards and a personal loan in the UAE, with a few out­stand­ing pay­ments. How can I con­sol­i­date my pay­ments, and what are my op­tions for that?

ACon­sol­i­da­tion is the right ap­proach to­wards re­duc­ing fis­cal obli­ga­tions. And it ben­e­fits by eas­ing bal­loon­ing fi­nan­cial debt wor­ries by group­ing all pend­ing pay­ments into one col­lec­tive loan. Nonethe­less, be­fore opt­ing for con­sol­i­da­tion, you need to en­sure the deal you are get­ting into is fea­si­ble, MAU­R­IZIO AND ROBERTO VIEL and bet­ter than the present sit­u­a­tion you’re in.

While con­sol­i­da­tion might seem like a great op­tion, it re­quires a strict fi­nan­cial ap­proach to main­tain the bal­ance, or you could end up with more debt.

Re­gard­ing op­tions, in Dubai there are now sev­eral fi­nan­cial in­sti­tu­tions mar­ket­ing com­pet­i­tive prod­ucts with dif­fer­ent names such as loan re­struc­ture, debt con­sol­i­da­tion, li­a­bil­ity set­tle­ment and so on, which all aim to merge dif­fer­ent pay­ments and loans into one sin­gle loan op­tion. There’s at­trac­tive in­ter­est rates on of­fer, which prom­ise a lower monthly pay­ment over the term of the loan.

But there are some fac­tors that you need to se­ri­ously con­sider be­fore ap­proach­ing cred­i­tors, such as how much loan amount is ac­tu­ally needed to con­sol­i­date all the pay­ments, are you ready to trans­fer the salary, have you checked the dif­fer­ence in in­ter­est rates with or with­out salary trans­fer, etc.

Most im­por­tantly, check if there will be any penal­ties if you opt for an early loan re­pay­ment. Ask the cred­i­tor to pro­vide you with the com­plete, in­clu­sive fee be­fore you make a de­ci­sion.

80 are lead­ing plas­tic sur­geons in Dubai

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