Between mortgage payments, car loans, student loans and credit card debt, we need to have a clear plan for paying off debts — especially if we're responsible for a lot of different debts all at once.
Most financial experts might define debt consolidation as the replacement of multiple loans with a single loan, often with a lower monthly payment.
Such loans also tend to offer a longer repayment period.
So if you want to look at the pluses and minuses of debt consolidation for your personal situation, you might want to start by considering your monthly cash flow — and ask yourself the following questions: Pro #1 — When you opt for debt consolidation, you have only one creditor to pay, and that company will call your creditors and negotiate on your behalf.
Contact your state finance office (sometimes the state office of business or corporations), or check with to locate the information for your state. Bear in mind that you will be working with people who are in debt.
The fees should be fair and should reflect the work you do while not taking advantage of those who are struggling financially. Develop relationships with credit card companies and other creditors.
There are allot of people in debt currently in South Africa that require consolidation.
In the coming months we will be posting articles almost on a weekly basis that will tell you more about debt consolidation and the best options out there, so be sure to be on the lookout for new and existing news articles.
Structurally speaking, the debtor takes out a new loan to repay the money taken from previous loans.
Debt consolidation offers both advantages and disadvantages for small business owners.
Contact the company with an official letter that lets it know you will be working as a debt consolidation firm and provides your state licensing and accreditation information.