Tag - debt consolidation

Make April 27th your Debt Freedom Day

The 27th of April is Freedom Day in South Africa, marking the annual celebration of South Africa’s first non-racial democratic elections in 1994. Since political freedom, South Africans have striven to correct the wrongs of the past. South Africa currently has 19.69 million credit active consumers of which 9.25 million have impaired credit...

Should I apply for debt consolidation?

“I am really committed to getting out of debt and I have R4000 a month to do so. I currently owe R30 000 on my FNB Credit Card, R25 000 on my ABSA credit card and I have a loan with FNB for R15 000. Should I consider debt consolidation?” asks Nina. Maya replies: You should only consider debt consolidation if the R4000 per month you have available...

When debt consolidation is not the solution

Debt consolidation is often seen as an easy way to get out of debt. Theoretically debt consolidation is a good solution if you are struggling to meet your many repayments. You are able to consolidate all your debts by taking out one single loan and using that loan to settle the other seven or eight loans. You now only have to service one loan and...

How can I clear my debts?

“I want to clear my debt this year which I believe I can do if I focus. Should I consider debt consolidation where I use one loan to clear all my debts and then commit to paying off the one loan over 18 months? The debt is spread across SARS, personal loans, Nashua and my bond. I struggle to make ends meet generally and do not meet all the...