In South Africa, many invest in a stokvel, meaning they put money towards an informal savings pool, in which funds are deposited one member at a time – in rotation. This allows contributors to then draw money from the account when needed. Most of these stokvels have their own set of rules and guidelines, dictating how much contributions must be and how much participants can withdraw, as well as when they can draw.
Stokvels mean that you can lump money together as a group, less individually but more together, this gives each contributor access to more money at lower rates than credit lenders. Allowing a sense of communal saving, you are as reliant on the other members as they are of you.
We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.