Being in debt is manageable, but drowning in it is no joy ride.
Pondering the thought of consolidating your debts? If you’re struggling to meet all your monthly obligations and your cashflow is taking strain, a debt consolidation loan could be your solution. If you’d like to quickly refresh your knowledge on consolidation loans before continuing, you can read here on 3 Criteria when you are considering a loan for Debt Consolidation.
As a South African, debt consolidation is available to you from a host of lenders (Click here to check out our responsible lenders).
In this instance, we’re taking a look at the FNB Debt Consolidation loan and how it can be helpful to your financial state of affairs.
A FNB debt consolidation loan can be helpful to you as it can solve three of your worst obstacles;
- high-interest rates,
- high monthly repayments,
- and possible confusion because of too many bills to manage.
By allowing you to combine several debts into one manageable monthly repayment at a lower interest rate, FNB debt consolidation loans can help you to save up to 20% by consolidating your debt and decluttering your financial life.
Bear in mind that a debt consolidation loan results in a lower interest rate and thus a lower total monthly repayment, due to the fact that your loan term is extended by what could be a substantial amount of time. So take care in educating yourself on the the advantages and disadvantages of consolidating your debts and remember that you still have a big commitment in making your monthly repayment on time.
Always fully review every detail of debt consolidation to ensure that you make the right decision. Fincheck wishes you a stable financial future.