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Question
Posted by: Tugs | 2004/09/27

Debt consolidation

We have got accumulated our debt and it is now standing at R47000. This is made up of student loans, overdraft, credit cards, medical bills. Is it a good idea to get a loan and repay the loan instead. Our joint income is R19000 and we each get R1000 for pocket money and we have no bond as we are still renting. At the moment our expenses are hovering around R17000. We are thinking of selling one car and only get a second again when we have cleared this debt.

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Our expert says:
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You need to look at intrest rates before nmaking that decision. The best advice is to work out a disciplined budget according to your needs and stick to that.

Regards

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