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Everyone is talking about Debt Consolidation. It seems to be the most popular way of paying off your debt. They are saying it’s the answer to all your financial problems, especially when you’re swimming in debt.
Let’s say you have three credit cards that have maxed out, a car on higher purchase, two consumer loans, and a home loan. Simply making the minimum payments is causing you stress and aggravation every month, and it’s certainly not getting you out of debt. What should you do?
Firstly we will take a look at exactly what Debt Consolidation is.
Debt Consolidation is one loan that pays of all your other loans, and other lines of credit you may have. It is one way of paying off your debt, and with a lower interest rate. You can get a loan up to the current market value of your home. With that amount you can repay all the debt you have with your creditors, and you’ll be paying only the lending company that gave you the mortgage bond. What a bargain!!
Debt Consolidation is thus a secured loan, because the lending company is covered. Should you not pay, they can repossess your home. That is the disadvantage, opposed to paying an unsecured loan such as a credit card. If you don’t pay, they can’t take your home. But alas, there are not many companies that give unsecured loans for large amounts. It is just too much of a risk for them. Those that do give personal loans of up to say R50,000, charge very high interest rates.
You might ask the question; even though the interest rate with Debt Consolidation is lower, don’t you still end up paying more interest in the long run, because you have to pay off over a longer period? So you take 20 years to pay off your debt instead of 5 years.
Well yes, unfortunately you will be paying off your loan over a longer period, but it depends on what your repayment terms are, and your installment amount. My advice is, don’t take the minimum payment, because then you WILL be paying more interest in the long run. In fact pay more every month if you can – it will save you lots of money, and it’s the wise thing to do. AND, don’t make anymore debt elsewhere!
A great thing about Debt Consolidation is that it does lessen the financial burden on you, and you can lead a more relaxed and stress-free life. It solves your immediate problem, which is why you visited our website in the first place, and why you’re reading my article right now.
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Now let’s take a look at the advantages and benefits of Debt Consolidation:
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–> You will save on interest payments. Why? Because you will be consolidating your debt by taking out a second bond on your home. This means lower interest! (Try not paying only the minimum. Try pay more as things get better). Debt Consolidation will definitely reduce your monthly account charges.
–> You paid SO much a month to all your creditors, now you’re only pay so much. By having less accounts on your name, in this case only one, you will greatly improve your Credit Record. (Once you have been approved for your loan, we can assist you with credit clearing with a reputable and respectable attorney).
–> You will save a lot of money on bank and debit order charges, because now there is only one Creditor to pay.
–> You will have the convenience of only one account. Only one account to worry about and only one account to manage.
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If this doesn’t convince you that Debt Consolidation could be the answer for you, then it might be an option to get Debt Counseling and be put under Debt Review (we can also help you with that should this be a better option for you).
Once you have paid off your debt, we can also assist you to clear your name should you be black listed. We work with very reputable and respected attorneys who specialize in Credit Clearing.