What is Debt Consolidation?
Debt consolidation is basically the process of lowering your monthly expenses by reducing the interest charged on your outstanding debts.
How does it work?
Short term, unsecured, debts like your credit cards, personal loans and retail cards attract high interest rates. Your home loan, which is secured by your property, attracts a much lower interest rate.
By extending your bond by an extra one or two hundred thousand you are be able to consolidate your debts into one low interest account.
FNB Debt Consolidation Solutions:
FNB were among the first banks to offer middle income earners a debt consolidation product.
The FNB ONE ACCOUNT is a cheque account with an overdraft facility that is secured by your property.
Your One Account is linked to your:
- Home Loan
- Petrol Card
- Cheque Book
- Debit Card
- and Internet Banking Account
The One Account offers the convenience of only having to deal with one account and the benefit of a low interest rate – saving you money every month.