Should I consolidate my debt? Compare your credit cards, store accounts and personal loans against one consolidation loan. See how much you can save on monthly payments and total interest.
Compare your current debts vs. a single consolidation loan
Typical: 14-18% for good credit
Max R1,207.50 or 15% of loan (whichever is higher)
Typical: R50-R69 per month
Based on current terms, consolidation would not provide significant savings. Consider negotiating a lower interest rate (target: 17.6% or less) or shorter term before consolidating.
Debt consolidation combines your credit cards, store accounts and personal loans into one single payment with a lower interest rate. Use our calculator above to see if consolidation will save you money each month.
Reduce from 20-24% credit card rates to 14-18% consolidation loan
Simplify finances - one payment instead of juggling multiple debts
Clear payoff date (3-7 years) vs. revolving credit card debt
On-time payments and lower credit utilization boost credit rating
Take out a new loan to pay off existing debts. You remain in control of your finances.
Legal process under National Credit Act. Debt counselor negotiates with creditors.
Important: Only consider debt consolidation if you can afford the new payment and commit to not accumulating new debt. If you're over-indebted (spending more than you earn), consider debt counseling or financial advice from a registered debt counselor.
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