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Debt Movement can offer reduced stress through Debt Counselling and Advice.

What is Debt Consolidation?

Many people have multiple loans and loans at different interest rates, requiring multiple, separate payments every month. Debt Consolidation is the process of consolidating all of these loans and debts into a single new loan, combining all the amounts into one single amount. This new loan will settle all your other debts and you will then only be responsible to pay one monthly instalment for the new loan instead of many different instalments, saving you money and time.

According to Debt Movement, what are the advantages of Debt Consolidation?
  • Your payment schedule is simplified to one monthly payment
  • Reduces the possibility of a bad credit score
  • Helps reduce interest charges
What are the disadvantages of Debt Consolidation?
  • Debt Consolidation is not accessible to everyone. If you have a poor credit score, debt consolidation will probably not be an option for you
  • Most companies offering debt consolidation are not reputable and take advantage of desperate people
  • If you are unable to pay towards your debt consolidation loan, you will end up in further debt

So what is the best debt solution that Debt Movement suggests?

Debt Counselling or Debt Review, the primary service that Debt Movement offers, has been put in place to do everything that Debt Consolidation cannot. Debt Review is a legislated process that forms part of the National Credit Act 34 of 2005. Under Debt Review, you receive legal protection, avoid bankruptcy, have your instalments reduced by up to 50%, and still end up with extra cash monthly.