Are you struggling to manage your debts? In order to avoid having to remember multiple payment deadlines, as well as having to battle high interest rates, it can be a smart idea to consolidate your debts into a single loan.

Advantages of Debt Consolidation

Consolidating debts can offer a number of advantages. Rather than having multiple monthly repayments, debt consolidation gives you one manageable monthly payment to meet. Additionally, if you have any high interest debts like credit card debts, you can roll these into a single, lower interest payment. This makes it much simpler to manage a single payment and interest rate, so you can focus on your debt payoff strategy. In general, a debt consolidation loan that has a longer repayment period will allow you to lower your monthly repayments, though you may pay more over the life of the loan.


Types of Debt Consolidation

There are two main options when it comes to traditional debt consolidation:

  • Balance-transfer credit card. With a balance-transfer card, you transfer all of your debts into a low interest credit card and pay the balance as quickly as possible, usually during the promotional period;
  • A fixed-rate debt consolidation loan. Once you receive the loan, you’ll use this money to pay off your debt. From there, you’ll pay back the loan through monthly repayments.

In order to apply for a debt consolidation loan, you will need to:

Be 18 or over
Be an Australian resident
Provide documentation
(ID, passport, driver’s license)
Share some information
about your financial situation

How Debt Busters Can Help

Whether you need to consolidate your credit cards, personal loans or school fees, our debt consolidation services can put your mind at ease. We will find the best way to consolidate your debts in a way that works for you.

Contact us today or call a member of our team on 1300 368 332 for a confidential discussion regarding your financial situation and how we can help.