Roll multiple debts into one home loan
If you find yourself in a situation where you have more than one loan, whether it’s credit cards, personal loans, other finances of the sorts, debt consolidation can make managing your repayments a lot easier.
Debt consolidation loans can be a practical way to track your repayments and get a clearer understanding of what you need to pay to manage your debt the right way. Instead of putting your repayments into multiple places, consolidate it into one and pay it off as you go. This could mean that you get a lower overall interest rate and may make repayments easier to manage with just one loan.
When should you be considering debt consolidation?
If you have trouble keeping up with monthly repayments. In this case, debt consolidation can reduce the number of repayments and simplify the management of your debt. This is especially if your cards you are nearing the credit limits of your cards or you’ve already reached your limit.
Debt consolidation loans might need to be considered for larger credit card debts or if you want to consolidate a range of different credit types.
If you have equity in your home. In this scenario, the interest rate your home loan attracts would be considerably lower than that of a personal loan or credit card, so debt consolidation could be a viable option for you to consider.
If you have bad credit and a large amount of debt. You’re able to consider a debt consolidation loan in order to take back control of your finances.
What debt can I consolidate?
It’s possible to consolidate a variety of debts using one of these loans. Common types of debt that are consolidated include the following:
Store/ Charge Cards
Other Credit Accounts
At My Finance Network West End, South Brisbane we can recommend the best strategy to consolidate debts and then work with you to action the strategy you have selected.
Want to know more? Feel free to contact our office, we are always happy to help answer any of your questions.