There are quite a number of companies that offer debt consolidation loans in South Africa. These companies allow individuals to incorporate their debts into one loan with a combined interest rate. The best debt consolidation aims at lowering your monthly instalments and ease your financial burden. It is very effective as it gives consumers peace of mind. Consumers who find themselves in situations they cannot control such as unemployment find debt consolidation to be relieving. Debt consolidation loans increase the chances of repayment while revising the lifetime of the debt repayment. It also allows consumers to review their spending habits and improve in the future.
Individuals can approach these organizations for debt consolidation loans:
The national credit regulator(NCR)
They review debt in order to consolidate it effectively. They consolidate debts and reduce the amounts to be paid to allow consumers to pay off their debt while paying for their basic living cost. They offer debt counselling to provide relief and peace of mind to people with a lot of debt.
They simplify things for consumers by lumping their debts into one single loan. This one single loan can save consumers on administrative fees and reduce the risk of late payment. It also allows customers to restructure and choose payments options that are suitable for the money they have.
They offer effective debt counselling services and allow their customer to find ways of repaying their debt in a time that is convenient for them. This helps release pressure on the consumers and eventually frees them from debt. Debt rescue reduces the debt owed by approximately 60%.