Time to Consolidate those Credit Cards

A debt consolidation loan replaces multiple loans (such as credit card debt, personal loan debt and other unsecured debt) with a single personal loan usually at a reduced rate of interest.
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.
Use our Loan Consolidation Calculator for a guide to your savings.