Debt Consolidation

Debt Consolidation

Debt Consolidation is often a viable solution to reduce interest costs and ensure your loan repayments are affordable.  Consolidating your personal loan, credit card, car or vehicle loan…and your home loan, makes it easier to manage your payments…you only have one transaction to think about.

You do need to be careful however.  Debt Consolidation can, if not structured properly, get you into more debt.  You are often able to then borrow more money.  You may also incur higher fees or early settlement fees if you pay your debt off faster.  You also need to consider the implications of turning unsecured debt (such as credit cards) into secured debt (home or personal loans).

An experienced finance broker will assess your current situation, and your plans, to confirm the right consolidation structure.  You will be advised on what lender is offering the best interest and fee rates for your needs.  You will be directed on what paperwork is needed to consolidate your debt.

Being in debt can be a very stressful thing.  Consolidating debt in the right way can minimise your stress, improve your cashflow and help you reach your goals faster.