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Debt Consolidation - What Options Are Available?

By Zulika van Heerden

Debt consolidation entails putting all your small debts into one bigger debt. This means you only have one debt to pay monthly.

Debt consolidation also means that you will have reduced monthly installments because the installment on a big loan has to be less than all the small debts put together.

When choosing a debt consolidation loan you must make sure that it’s interest rate is less than the small debts, because if it does not you’re not going to be in a better position and it’s best not to go ahead with it.

Debt consolidation loans come in 2 forms, first a personal loan or otherwise known as an unsecured loan and secondly a secured loan also known as a bond or mortgage.

Debt consolidation with a personal loan

Generally non-home owners take these loans, or home owners that cannot qualify for an extra bond.

Using a personal loan for debt consolidation can work if, as mentioned above, the interest rate on that loan doesn’t end up being greater than the smaller debts you want to settle.

A personal loan’s installment should be less than the installments on the small debts you want to consolidate.

Debt consolidation using your home loan

Home owners can consolidate debt by using the equity in the home. Therefore it is done with a second bond on the home.

At the time of writing this article bond interest is 10.5% which means it’s the lowest interest debt consolidation loan you can get. That means that a bond installment will be much less than paying off on accounts, personal loans and credit cards.

An instant benefit to the home owner is that you will have more cash flow at the end of the month and you only have one debt to pay.

For more debt consolidation loan information go to:

For more on debt consolidation click on any of the links below:
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