What is Debt Consolidation?
What is Debt consolidation:– A form of self debt refinancing that involves taking out one loan to pay off many others, to address high consumer debt, this also involves combining more expensive debts like credit and store cards or personal loans and consolidating them into one or two larger debts.
Debt Consolidation does not mean borrowing more, but merely consolidating what you currently owe to manage debt more effectively and affordably, and should this be the right solution for you, a trusted registered consultant will negotiate with your creditors on your behalf to consolidate your existing debts.
Main reasons why you would consolidate your debt:-
1. It reduces the monthly cost of your existing debt funding by decreasing your interest rate payable. Thus saving you interest and relieving your monthly cash flow.
2. To get rid of the complication of having to pay back lots of creditors. By concentrating on one or two large creditors you‘ll make your money management issues far simpler.
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