And, if it’s planned out very carefully, it can also be the most cost effective option.
It’s common practice in South Africa for creditors to sell your debt to other companies, and this is typically where payment notifications turn into harassment.
The process essentially involves taking out a single, new loan, at the lowest possible interest, to pay off multiple smaller debts.
Secured loan: This can be an excellent way to get low interest loans for bad credit.
You’re essentially securing the loan by attaching an asset to it, greatly reducing the risk to the lender thereby reducing your interest rate.
Depending on your credit profile, your home loan rate is probably close to the current prime rate.
This is typically much lower than the interest rate you’d score for short term loans or retail store cards.
You can attach big ticket items such as your house or car, but be certain that you’d be able to pay that loan back or those assets can be repossessed. Remember above all that you are not alone out there.
Contact Debt Busters directly for more information on debt consolidation loans, or our effective debt counselling service.Amongst many other debt solutions, Debt Busters can help you with debt consolidation in South Africa.With debt consolidation, you add all of your debt into a single account, rather than paying off many accounts at a time.Now you can have everything you’ve ever wanted at, seemingly, little cost – but the debt is mounting and the bill is coming.Here are some of the things which may have been purchased on credit to push you into a tight spot: As to how common this issue is and whether it’s isolated to you, consider the origin of the global recession in 2009.The consultant will only need a few documents from you, after which they will contact financial institutions and provide reasons for your suitability to debt consolidation.