Loans are good and bad both. Loans make it possible to own any product or service which one cannot afford by own. But, such loans if not repaid on time creates tough situation for the debtors.
In the present scenario, debtors face long list of problems due to non-payment of debts. Very less creditors manage to offer more time to debtors for the complete payment.
Problems which debtors usually face from the side of creditors include:
Chasing calls
Creditors lend money to debtors on interests and not getting any interest from the credited money is not taken as granted for the creditors. They chase debtors through making calls day and night. This becomes problematic for an individual.
High interest rates
High interest is also one reason which makes it tough for debtors to make payment of money. If any problem occurs in debtors' professional life, it becomes tough to pay huge interest of loans.
Nature of loans
If someone taken secured loans then, creditors are allowed to take possessions of the property, car etc of the debtor. And till the time one do not repay the amount, property or asset remains the creditors' possession.
Bankruptcy
Another problem which most debtors face is the charge of bankruptcy. Most of creditors file charge of bankruptcy againstthe debtor in the court of justice.
Easy and best way to get rid of these problems is to take assistance of a recognised debt consolidation agency. Credit counselling agencies manage to lower down the interest rates on loan, put end to chase calls of creditors and also protect against bankruptcy situation.