Debtfree Issue 202402 - DB
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Example: If you had R50 000 debt then at just 10% a year (and no<br />
one charges that little) that would mean an extra R6000 or more<br />
you have to repay in a year just to keep your debt stable.<br />
Of course, most people’s credit cards are at over double that<br />
%. Meaning you have to pay and pay just to cover the interest<br />
portion.<br />
Amazingly, when people enter debt review the banks and other credit<br />
providers have specialised debt review departments who take over<br />
dealing with your debts and they are able to offer reduced interest<br />
rates.<br />
How low can they go?<br />
The can, and regularly do, go to 0% on many unsecured debts. That’s<br />
amazing!!!!<br />
That can mean that instead of just paying and paying interest, you can<br />
finally put a serious dent into your actual debt each month and watch<br />
those balances start to come down.
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