How Do Budgeting Loans Work?

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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
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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.

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