With the prevalent downturn of the world’s economy, more and more South Africans are falling arrears on their debt payments. There are over 10 million individuals who are experiencing the financial burden of having accumulated large amounts of debt, which they are unable to clear. There are however, effective ways to lift this burden and progress onto a financially stable life. One of the ways to ease this financial strain is with debt consolidation.
Debt consolidation can be described as a debt refinancing process, which allows you to attain a single loan that repays many other smaller loans. This simplifies sometimes confusing, multiple debt repayments, into one consolidated payment that may even save the debtor money.
Usually, loans associated with debt consolidation come with a favourable, lower interest rate and tend to be spread out over a longer period of time. This means that your weekly or monthly payments are smaller and you have the ability to successfully meet your repayment criteria.
One of the most notable benefits of debt consolidation that has an effect on both your finances and your psychological state of mind is that it de-clutters and simplifies your monthly bills. By having a once-off, debt repayment each month, it makes it easier to manage your monthly expenses and to budget. By simplifying your financial landscape, late or non-payments can be easily avoided, as well as damaging your credit record or facing financial legal problems.
Debt consolidation can significantly improve one’s credit record. When you make the decision to consolidate your debt, in many instances, creditors will be put on hold and your credit profile will start immediately improving.
People who are eligible for debt consolidation should be over-indebted. Blacklisted consumers may also apply, as well as bad credit consumers.
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