When you have multiple debts, it can be stressful trying to keep them all under control, and can put pressure on your family and other areas of life. Many of us have personal loans, car loans and credit cards, which we pay off each month, often to different financial institutions. This means you could be paying more than you need to be.
Debt consolidation can be a great option for those who are looking to have all their debt in one place as well as potentially reducing the interest rate and monthly repayments.
Consolidating could potentially give you lower weekly, monthly or fortnightly repayments as well as a lower interest rate.
Having all your repayments rolled into one will allow for better management of your debt.
With only one monthly repayment being made, you will also be able to keep track of the amounts coming from your account and have a clearer vision of where your financial future is heading.
If this is a consideration we suggest that you speak with your bank, accountant or a financial planner.