What does Debt Consolidation mean?

You may have asked the question: What does debt consolidation mean? at some point or another in your life, especially if you are indebted and looking to simplify and reduce your debt payments. But, do you really know exactly what it involves?

Need Clarity?

If you still need clarity on the subject, you’re in the right place.

A lot of marketers will try to convince you that debt consolidation is some kind of miracle debt buster. Whereas, all it really is, is taking out more debt to pay off existing debt.

The appeal of this supposed debt ‘cure’ is that you’ll only have to make one payment a month on one debt at a lower interest rate monthly. It also means that you only owe money to one lender, instead of a whole bunch of credit vendors.

What they don’t tell you is that it can entail additional expenses. Which means it could make your situation worse than it already is. Plus, you will be paying off your debts for a far more drawn-out time span.

Worth the Risk?

Is this really a risk you are willing to take?

On the other hand, with debt counselling (debt review), we will negotiate with your lenders to have your repayments reduced to an affordable rate. In fact, what you might call debt counselling is a risk-free form of debt consolidation, in that you only have to make one reduced payment per month.

What is more, debt review affords you legal protection from debt collectors and lenders hounding you for cash, and threatening legal action or repossession of your assets.

What we recommend is that you rather send through your contact details to NDA, through our online contact form. One of our professional consultants will then call you back on the same day during working hours, to tell you all about debt review and its many benefits!