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  • Keep your assets
  • Reduce your interest rate
  • Get your credit providers off your back

Can debt consolidation help you take control of your debt?

Everyone sometimes has too much month left at the end of their salary, but if you are often
missing payments to your credit providers your debt may need some serious attention.

Debt Review

Many South Africans see debt consolidation as a way to relieve this debt stress, but what is debt consolidation, and does it always work?

In a nutshell: debt consolidation means taking out one single loan to settle all your other loans.

While debt consolidation can help in certain circumstances, we believe the disadvantages more often outweigh the advantages.

The advantages and disadvantages of debt consolidation:

UpAdvantages      DisadvantagesDisadvantages

Making a single payment


High upfront fees

The consolidated instalment may be less than the combined original instalments


Although the interest rate may seem low, the repayment term is often 10 to 20 years, which means your debt ends up becoming very expensive.

You may get savings if the debt consolidator negotiates reduced settlement balances with your credit providers


Debt consolidation can cause the illusion that debt is being paid off, and tempt you to make even more debt


Debt consolidation merely replaces your current debt with different debt instead of helping you pay off your debt

Debt consolidation vs debt counselling

If you are struggling to pay your debt every month, it is important to take action

sooner rather than later. Debt counselling may be a better way to get rid of your debt.

Consider the benefits:

Debt Counselling

Debt Consolidation

Single monthly payment to the Payment Distribution Agent

Single monthly payment to the Consolidator

Interest rates reduced to 9% on average

Interest rate of 30% on average

Repayment term of 60 months on average

Repayment term of 45 months on average

Long repayment term is countered by low interest rates

High interest rate over long term results in very high overall costs

Court order to protect you against credit provider

No protection against other credit providers

Reduced debt instalment negotiated with credit providers

Other debt usually settled and replaced by consolidated loan

No access to further debt so debt can't increase

Debt can increase

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Steps to get debt relief

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  • Calculate your debt-income ratio

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