Debt consolidation is a debt management tool that can be used by over-indebted individuals to get their finances under control. It’s essentially a process that involves using new debt to pay off existing debt owed to creditors and can help you get rid of debt faster.
What are the benefits of debt consolidation loans?
- Paying a single repayment to a bank or financial institution may be lower than having to pay multiple institutions separately.
- Debt consolidation is an effective way of taking control of debt.
- It’s a simple way of becoming debt-free.
- You can avoid any legal action being taken against you and settle all your debt.
Your monthly instalment should normally be less than the total instalments of the consolidated debt put together. It’s important to keep in mind that it might not always work out as planned and you may end up paying more towards your debt in the long term.
Keep in mind that all debt consolidation loans come with closing costs.
Where to find the best debt consolidation loans in South Africa:
Debt Rescue
An acknowledged leader in the debt counselling field, Debt Rescue Debt Rescue provides professional, confidential service. Trusted by top brands, its fees are included in the repayment plan.
To contact Debt Rescue, call: 0861 123 644 or send an email to info@debtrescue.co.za
Debt Busters
Founded in 2004, Debt Busters is part of Intelligent Debt Management (IDM Group). Since inception, Debt Busters has helped over 35 000 individuals get back on track with their finances. It has saved clients over R450 million in interest and fees.
To find out how you can benefit from Debt Busters’ debt consolidation services, visit www.debtbusters.co.za
Blue Oak Systems
With Blue Oak Systems there is no paperwork or questions. The institution allows every consumer to review the cost of their debt.