Getting a loan to pay your existing loan
Some Filipinos are trapped in the cycle of Loaning money to pay their existing loan thus creating more debts than they started with. This type of cycle is generally considered a trap and may take them he rest of their lives to pay off. Pretty scary prospect right?
But in some case, getting a loan to pay off your existing loan can be an advantage. Take for example credit cards. Most charge a rate of 3.5% per month plus late payment fees and annual fees, which cannot be waived since you owe them money, adding to your burden. You could apply for a personal loan, some banks charge a low 0.99% interest per month. You will be saving a lot money on interest. This is one instance that getting another loan to pay off your existing loan works to your advantage.
Getting a bank loan for your business
Home Equity Credit Line Loan
Debt Collection Agency
Debt Management guide