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A debt consolidation loan involves taking out a loan to pay out a number of debts.

Debt Consolidation

Benefits of a debt consolidation loan

  • One payment instead of multiple payments
  • Possible lower interest rate
  • Lower repayments (due to extended payment period)
  • Could save you money
  • May help you gain control of your finances
  • May be easier to budget and/or make payments

Debt consolidation or debt agreement? What's the better option?

A debt agreement is one way of consolidating your repayments and is generally more popular than a debt consolidation loan, as you may not have to pay any interest or pay back the full amount that you owe.

Debt consolidation is more typically referred to when talking about a debt consolidation loan. For example, if you have a credit card, a car loan and a personal loan you could take out a larger loan to pay them all out. Depending on your situation, a debt consolidation loan may only be beneficial if you can get the new loan at a lower interest rate than the average rate of your current debts.

It’s important that you get the right advice when considering a debt consolidation loan as it could put you in a worse position, especially if you’re already struggling with your current payments.

For more information regarding debt consolidation call us on 133 493 or request a call back.

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