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debt consolidation loanDebt consolidation for students is an integral part of getting yourself into a position where you have enough cash available to complete your degree without it being a severe drain on mind so that you can study effectively. Debt consolidation in South Africa is more common in situations where people have lost their jobs, been retrenched or are generally overstretched financially and need to consolidate their debt into a single loan to save on costs and interest.

Debt consolidation loans in South Africa are also available to students who have taken out loans, be they personal loans or study loans necessary to fund their education and now find that the fees and interest are mounting up. Debt consolidation loans are very effective in reducing fees and costs by consolidating all of your debt into a single loan repayable over a suitable period. The fact is that each bank or each loan you take out has bank charges, fees and interest so if you have multiple loans like credit card debt, personal loans and store credit, you are paying fees and finance charges on each account or loan.

By consolidating all of your debt into a single loan you are effectively reducing the amount you are paying in finance charges, fees and in some cases on the interest as well. Debt consolidation in South Africa is very effectively used by students to reduce their overall monthly liability making it affordable and viable to continue studying to achieve your education goals.

Let us assume that you are starting your third year and have taken out personal loans and student loans in your first two years of study. You now need a further loan to complete your degree. Each loan is costing you Rx.00 in bank charges or administration fees, Rx.00 in interest, Rx.00 in statement fees and any number of other charges that financial institutions charge and are now applying for a third loan which will attract the same charges.

By using debt consolidation in South Africa you are effectively cutting your charges and fees to a single fee which can amount to a significant amount of money better used to reduce your capital.