Consolidate your credit card debt

consolidate credit card debt

Getting a credit card with one of the big 5 banks in South Africa is both easy and seamless. Paying off that credit card debt can be a bit more of a hassle to than actually acquiring it! We all are feeling the pinch with our economy being so suppressed and out Rand weak, and we need a credit card to help out with those unexpected events where we need money.

Actually paying off all your credit card debt, keeping the credit in tact and maintaining the credit card is difficult as South Africans are both getting used to easy credit to begin with, credit card being a deb trap (revolving credit) and increasing their credit card limit when in a pinch. Free your life by consolidating your credit card debt!

With credit card limits able to go over R 100 000, at times being able to actually make the monthly payments on that can be overwhelming and you may need to consolidate your credit card debt on order to pay it off without dipping back into the card again and re-using the monthly revolving credit.

Debt consolidation is able to help with credit card debt, whereby your credit card debt is paid off completely and you only pay the debt consolidation loan that you take out. “But why would I get another loan when I’m already in debt with my overdrawn credit card?”, you may ask? Well, by taking out a debt consolidation loan, you will most likely get a repayment plan that will be lower than the more than 20% that credit cards often have. And, after paying the credit card debt and taking out a loan you will actually manage to close the credit card completely without losing the benefits of a clean credit record.

You’re also able to add your other debts, e.g., clothing accounts, into your debt consolidation loan and close that one, too!

Apply for a debt consolidation loan and clear that debt that holds you back from so much more in life!

consolidate credit card debt
consolidate credit card debt

Debt Consolidation with Nedbank

Nedbank offers debt consolidation loans, debt management plans and other financial planning tools. But specifically to get yourself a debt consolidation loan with Nedbank, whether you’re a client of theirs or not.

First debt consolidation loan you can get is by applying for their credit card in order to do a balance transfer. You can apply for credit card such as a green back card and transfer balances from other banks into the Nedbank credit card. Or more like pay off everything else and pay off this card at the current advertised rate of 3 to 36 months at an interest of 13.4%, but of course do read your terms and conditions.

Secondly try this method of Nedbank debt management: If you have property that you can put up as collateral, why not apply to re-mortgage your home. This way the extra money that you get you can put into your home. Although this is a risky move, as you will essentially be pushing your debt into another debt vehicle, you can pay this off quicker and with lower interest rates. If you increase the amount you pay per year you can pay this debt off safely without having to get into trouble with the credit regulators.

Tip: apply for debt consolidation with as many companies as you can and match their interest rates and terms.

Apply here for your debt consolidation loan!