How Do Budgeting Loans Work?

Next Video:
How Do Interest Rates Affect the Economy?....5

A budgeting loan allows consumers to consolidate household bills, pay off those bills with a bank loan and make a single payment each month to the bank. Pay off budgeting loans for 36 to 48 months with tips from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
Promoted By Zergnet


Video Transcript

This is financial adviser Patrick Munro talking about, "How do budgeting loans work?" Budgeting loans are primarily designed when someone in a household has various bills that have piled up that really have become problematic to manage. Then a bank comes on the scene and sits down with the consumer and bill by every bill, puts them in a pile and pays them off with a consolidation loan. A consolidation loan carries a schedule of perhaps 36 to 48 months, maybe longer depending on the size of the budgeting loan. And then the consumer has the convenience of only paying one coupon as a form of payment to the bank every month. This is a great way for consumers to trim the sales and make ease of their financial life. What you have to be careful though as a consumer is not to go back to those credit cards and then get in further loan problems. This is Patrick Munro talking about how budgeting loans work.


Related Searches

Is DIY in your DNA? Become part of our maker community.
Submit Your Work!