Consolidating high-interest-rate debt can be a smart financial move to reduce your overall interest payments and simplify your debt management.
One of the ways to do this is to take out a loan with a lower interest rate than what you're currently paying on your high-interest debt. You can then use the funds from the loan to pay off your existing debts.
EasyCredit allows you to borrow money against your EasyEquities portfolio and offers loans up to R300 000 at an interest rate of prime +3% and a once off 1% initiation fee on your loan value.
This offers you an opportunity to pay down high-interest credit card debt and save thousands on interest every year.
Below is a comparison of what it would cost to service credit card debt vs an EasyCredit loan.
The first table includes initiation fees, illustrating a comparison when taking out new credit in each case.
The second table does not include initiation fees, offering a comparison of cost on existing credit in each case.
Activate your EasyCredit account:
Alternatively, if you are using the EasyEquities app, you will have the option to activate this account by selecting the EasyCredit card in the Portfolio tab of your account.
From here, you’ll be able to quickly and easily see what you would qualify for. If you wish to proceed, you’ll be taken through a short and easy assessment and provided with an initial loan amount that you can adjust based on your needs.