While Durban is known for being one of the leading holiday destinations in South Africa, the city is also a bustling city with a growing economy. The city of Durban is also home to a number of financial institutions that offer South Africans a range of credit services, regulated by the National Credit Regulator.
As a borrower, before you look for the best debt consolidation in Durban, you need to have a clear understanding of how the process works. You need to find lenders offering simple solutions that can be tailored to suit individual needs.
Debt consolidation can help you get lower interest rates on outstanding debts. It is essentially a debt displacement tool – it doesn’t really deal with the real reasons that led to you becoming over-indebted.
Payments can be made using one account only, so you don’t have to worry about multiple accounts to keep track of.
There is no hassle of keeping track of various payments.
There is the option of secured or unsecured loans.
Unsecured debt consolidation is more suitable to smaller payments that can be paid off over a short period
Debt counsellors will work with you to tailor a debt management plan, so that you stick to the plan and don’t end up overspending instead.
You need to make sure that you get the best debt consolidation in Durban by seeking only registered credit providers, so that you can avoid unscrupulous lenders. You also need to compare as many lenders as possible, to make sure that you get a debt consolidation plan tailored to suit your needs.
What are the benefits of debt consolidation?
- You get a structured repayment plan
- Reduced monthly costs
- There is the potential for lower interest payments
- You won’t get any more annoying phone calls from your creditors