Durban is a breath-taking coastal city in KwaZulu-Natal, boasting world-renowned attractions like Kingsmead Cricket Ground, North Beach and the Moses Mabhida Stadium.
Traditional debt consolidation in Durban involves taking out a big loan to pay off all of your little debts. In so doing, you would consolidate all of your little debts into one big debt. And so, only have to make one payment a month to one credit provider.
The hope is that you will get a lower interest rate, as you’ll be paying off the big loan over an extended period of time. However, this is not always the case.
The reason being, you are likely to either be blacklisted or have bad debt, if you are applying for debt consolidation in Durban in the first place. As such, you won’t qualify for a better interest rate, as only consumers with good credit scores would.
As follows, it involves gathering your debts up into one pile for the sheer purpose of simplifying repayment. Nine times out of ten, it won’t get you a lower interest rate or reduce your debt in any way.
Conversely, NDA can offer you a form of debt consolidation in Durban that will not only consolidate your payments into one, but also allow you to make a much lower single payment each month. Furthermore, you will not have to take out a big loan to do so.
This method does not come with the risk of temptation to spend that big loan, instead of using it to settle all of your little debts. In which case, you would end up far worse off than before.
It will also afford you a lower interest rate on a single monthly payment that covers all of your debt, considerably improving your cash flow. To find out more, enter your details into our website contact form to have a consultant phone you today.