Managing several debts at the same time can make monthly finances difficult to track. Different loans, credit cards and store accounts may each have separate payment dates, interest rates and fees.
Debt Consolidation South Africa is one option that borrowers may consider when looking for a simpler way to manage multiple debts. Instead of making several separate repayments, debt consolidation may allow eligible borrowers to combine certain debts into a single repayment.
However, debt consolidation is not automatically cheaper or suitable for everyone. Before applying, it is important to compare the interest rate, fees, repayment period and total cost.