Tips on refinancing and consolidating debt
Just make sure this consolidation is part of a larger plan to get out of debt and you don’t run up new balances on the cards you’ve consolidated. Debt consolidation can help your credit if you make on-time payments or consolidating shrinks your credit card balances.
Your credit may be hurt if you run up credit card balances again, close most or all of your remaining cards, or miss a payment on your debt consolidation loan.
Eliminate high interest debt - the thing that causes you stress and anxiety month after month.
By making only one payment each month, it's just easier - giving you the chance to resolve your debt issues.
However, these two options involve risk — to your home or your retirement.
In the long run, it can save you thousands (maybe tens of thousands) of Rands. So what value can a debt consolidation loan provide you?A debt consolidation loan will help you to improve your credit rating, which in turn will save you more money in the future.For more on debt consolidation see below Types of Debt Consolidation Loans Debt Consolidation - What Options are available?Learn more about how debt consolidation affects your credit score.Two additional ways to consolidate debt are taking out a home equity loan or 401(k) loan.