Consolidating two car loans
They asked participants if they are in debt and if so, how much it costs them each month.
The results showed, on average, 72% of people's income was spent on repaying debt.
Also, the amount you end up paying over the long-term is often lower, as you're paying off interest on just one loan, not several.
Debt consolidation services are offered by accredited institutions such as banks and financial service providers.
The institution then settles your debts directly with those creditors.A study by the World Bank revealed that over 25 million South Africans are in debt to lenders and financial institutions.1Life Insurance conducted a survey to understand the debt issue.If you have any questions please contact us on 0800 696 636.Once the application is received a Loan Officer will review your income, debt, and credit history.
Debt consolidation is a method of refinancing for those who are dealing with overwhelming debt, as it allows them to combine all of their short-term debts, such as store accounts, personal loans, and credit card debt. As with any regular loan, you must first meet certain eligibility requirements – the lending institution must ensure you can afford to repay the debt consolidation loan.