disadvantages of debt counselling

There are more advantages than disadvantages to debt counselling. One disadvantage is that you will not be able to get new credit under this program. However, your monthly debt instalments and interest rates will be drastically lowered, which definitely is an advantage.

debt review pros and cons

There are more pros than cons to being under debt review. One pro is that your monthly instalments and interest rates are reduced and extra money freed up to survive. The only real con is that you will not be able to obtain new credit while undergoing the debt review process.

What are the pros of debt counselling

· Creditors can not take action against you while undergoing this process · There will be no permanent record against your name · All your debt instalments will be consolidated into one easy payment · You will have enough money for day to day living · You will only pay what you can afford · No calls from creditors, demanding payments · Lower interest rates, most of the time your interest will be cut to 0%

What are the cons of debt counselling

· No new credit allowed while undergoing debt counselling · There are fees payable, but those fees are included in your new instalment · It might take a bit longer to pay off your debts due to the smaller instalment

Disadvantages of Debt Review

Debt Review is an excellent program when you find yourself in financial difficulty. There are a few pros and cons though.

What Are The Disadvantages of Debt Review?

While you are in this program, you will not be able to obtain new credit.
To be able to pay lower monthly instalments, the period over which you pay your debt could be a bit longer.
There will be a flag on your credit record to inform credit providers that they should not give you any new credit.

The Advantages of Debt Review?

The debt review program could reduce your monthly instalments by up to 60%
Interest rates will also be lower, sometimes up to 0%, depending on your situation.
Because of the reduced instalments and interest, you will experience immediate financial relief.
Monthly debt payments will be consolidated into one easy payment.
You will not have to take out any loans to consolidate your debt monthly instalments.
No legal action from credit providers. Your car and home will be safe.
You will be able to pay your debt and afford living expenses.

For a person with financial problems, the advantages outweigh the disadvantages of debt review. Getting more credit will certainly not solve financial problems but taking action will.

For more info on the process or to sign up, give us a call on 087 550 11 22 or complete the call me back form.