Windhoek-In tough financial times people often turn to debt consolidation to find a solution to their monthly cash-flow shortage. Debt consolidation is defined as taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones.
However, there is the myth that debt consolidation will be the answer to your problems and, then there is the truth. Myth: Debt consolidation saves interest, and you have one smaller payment.
Truth: Debt consolidation is an indication of over-indebtedness and treats only the symptom.
Bank Windhoeks Executive Officer: Credit, Anton Smit, has this advice: With debt consolidation you are only extending the problem, because you think you solve the debt problem, but in reality the deb…
Read the full article at: https://www.newera.com.na/2017/01/12/debt-consolidation-only-treats-the-symptom-not-the-cause/