Provided a borrower can pay off the entire consolidated balance by the deadline, he or she can take a significant step towards becoming debt-free.
However, the main risk factor was exposure to the exchange rate since there was no running coverage for the liabilities due in foreign currency.
Local governments did not have revenues in a foreign currency which they could use to safely repay the principal and the interest of foreign currency loans free from the volatility of exchange rates.
In this article you will find information about debt consolidation counseling, Debt consolidation uk, Debt free living prosperous 84,6 per cent of the total debt of HUF 1247 billion, recorded by the local govern ment subsystem at the end of 2010, was gen erated by those local governments – Budapest, the counties and the towns with county rank – which were rated by the State Audit Office as highly risky and therefore subject to a com prehensive audit in 2011–2012.
One of the main reasons for indebtedness was that local governments did not have funds for their own contribution to EU supported investments.
This step may reduce an applicant’s score by a few points, but a more important factor for approval is the ability to repay the full amount in a given time frame.