DebtBusters logo
DebtBusters green overlay
086 999 0606 Login Call me

FAQs

Why do credit providers not reduce interest rates in all cases?

As per the National Credit Act (NCA) credit providers do not have to reduce interest rates.

The good news is that many credit providers are willing to reduce interest rates so that a consumer can get out of debt in a reasonable period of time.

If the debt is to be settled in 60 months or under (for unsecured debts such as personal loans, store cards and credit cards) then most credit providers will accept the new payment plan. If the proposed new payment plan is over an excessive period of time, then many creditors will reject the proposal and there will be no reduction in interest rate.

Need debt counselling or consolidation?

Explore DebtBusters' solutions for reducing your interest rates and unlocking cash.

Find out more

Share on...

Whatsapp Facebook Twitter LinkedIn Email
Contact Us

5th Floor, 11 Adderley Street,Cape Town, 8001
[email protected]

Operating Hours:

Mon-Thu: 07:00 - 21:00
Fri: 07:00 - 18:00
Sat: 09:00 - 12:30

Call our experts now on 0861 365 910Registered debt counsellor NCRDC2484A member of the National Debt Counsellors Association