When monthly repayments start to feel impossible, two options come up most often: debt review and debt consolidation. Debt review is a formal process under the National Credit Act, where a registered debt counsellor negotiates with your creditors to reduce your monthly payments. While you are under review you generally cannot take new credit, and the process is recorded on your credit profile until you are cleared.
Debt consolidation works differently. You take one new loan to pay off several smaller debts, leaving you with a single monthly payment, ideally at a lower total cost. It can simplify your finances and reduce stress, but only if the new interest rate and fees are lower than what you currently pay. If the loan term is stretched too long, you could end up paying more overall even though each instalment looks smaller.
Which option suits you depends on how serious your situation is. If you are keeping up with payments but juggling too many accounts, consolidation may help. If you are already missing payments and falling behind, speaking to a registered debt counsellor is usually the safer step. Whichever way you go, get the numbers in writing and compare the total cost before you commit.
Disclaimer: This article is for general information only and is not legal, financial or debt counselling advice. Your situation is unique, so consider speaking to a registered debt counsellor or qualified financial adviser. Always borrow responsibly and use only NCR-registered credit providers and debt counsellors.