Debt Consolidation Cape Town
If you need advice or a service for debt consolidation in Cape Town or the rest of South Africa, you can obtain this through DebtBusters. Debt consolidation Cape Town involves paying off many debts by taking out one loan. This is often used to obtain a lower interest rate on debts that need to be paid, or to get an interest rate that will remain the same for the duration of the loan repayment (fixed interest rate).
In addition, debt consolidation basically allows you to put all of your debt obligations into one single account (which requires payment to be made on a monthly basis) rather than paying numerous different accounts every month. This means that you do not have to keep track of all the parties to be paid every month but rather only have to worry about one. This removes the risk of making payments later than they should have been made as well as dealing with the repercussions of payments that are late or not made at all.
With our services of debt counselling in Cape Town, DebtBusters can advise you on all of the above in detail as well as whether to opt for a secured or unsecured debt consolidation loan. The latter is more suited to smaller debts that do not need to be paid off over long periods, as the interest rate and monthly installments to be paid tend to be rather high. A secured debt consolidation loan, on the other hand, would involve a loan that is secured against an asset such as a house. In such an instance, you could be granted lower interest rates as the party lending you money suffers less of a risk in doing so.
On the other hand, there are cases where debt consolidation will simply lead to higher interest rates and therefore have an unfavourable impact on your finances, and where a debt review would be more advisable. It is best to get the expert opinion of DebtBusters when it comes to debt consolidation in Cape Town to find a solution that is suited to your unique situation.