Managing your payments for credit cards, store
cards, personal loans and other loans,
all charging different interest rates and
annual fees, can become a complicated
business. If you are applying for a new loan
it may be time to consolidate all of the above
into one loan with one payment and one annual
fee
How will debt
consolidation benefit me?
A
debt consolidation loan eliminates the need to
make multiple repayments for unsecured debts.
It ties up multiple loan repayments into one
affordable monthly amount, allowing you to
meet your debt obligations while minimising
your monthly outgoings.
You may currently have two or more personal
loans or credit cards with outstanding
balances totaling $12,000. The minimum
repayment for all these debts is around $500
per month.
By
consolidating all these debts into a single
loan over a longer term, the amount you may
have to repay could be reduced to less than
$330 per month.
With a debt consolidation loan it is usually
possible to make payments weekly, fortnightly
or monthly. The length of the debt
consolidation loan is set for a repayment
schedule which meets your needs.
You may be able to choose between 12 months
and 7 years depending on the purpose and the
amount of your consolidation loan.
A debt consolidation loan may help simplify
your finances and save you money. Use this
Loan Consolidation Calculator for a guide
to your savings
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