Jon
7 years
Debt consolidation
Even at the best of times, life can be a challenge. Unpaid debts make it even harder.
Much of the money you make goes towards paying outstanding debts so saving becomes difficult, and any debts that are not receiving payments are increasing as they accrue interest.
With so much money going out but so little staying in your pocket, enjoying life is a struggle. If you have to deal with debt collectors calling you and knocking at your door, you may be feeling quite stressed.
If it sounds like debt consolidation may be the solution to help you get your life back under control, get in touch with us today.
What does a debt consolidation loan do?
A debt consolidation loan can bring your existing debts together, to:
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Lower your total repayments so you save money
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Make your repayments easier to manage so you stress less
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Give you a timeline so you know when you’ll be debt-free
How does debt consolidation work?
Having multiple debts can be overwhelming. They usually have different interest rates, they generally need to be paid at different times and they make managing your cash flow more complicated.
Debt consolidation joins all of your debts together into just one product, which means you're not having to keep track of multiple payments, interest rates and financial institutions.
Consolidating your credit products takes a lot of the stress out paying off your debt because it's much easier to understand your financial situation, and to keep track of the payments that you need to make.
With debt consolidation, you’re giving yourself less to worry about. By combining all your debts, you’ll have:
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One single loan
You will no longer have to keep track of multiple loan products
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One ongoing repayment
You’ll only have one repayment, which we will help you to pay on time
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One single interest rate
If the new interest rate is lower than the interest rates of the loans that we consolidate, you will save money over the life of the loan
Frequently asked questions about debt consolidation
With debt consolidation you may be able to bring unsecured personal loans, car loans, credit cards and home loans together under the one loan.
The cost of consolidating your debt depends on a variety of factors. Everyone’s financial situation is different so the cost will vary from one person to the next.
Most of the time, the cost of consolidating your debt can be lower than what you’re paying to cover the interest and fees on your debts.
Depending on the type of debt consolidation loan they offer, different lenders will have different qualification criteria.
Some lenders may let you have marks on your credit file. Others may need you to have a clean credit history.
Our personal budgeting specialists will help you determine what options will work best for you.
Jon was deep in debt, with maxed out loans and credit cards that seemed impossible to clear. He is now back in control of his finances. Debt are in check, bills are paid and he's saving for a house.