In these tough times debts can quickly add up and get out of hand. From credit card and store accounts, to outstanding bills and current loans, mnaging multiple debts can be overwhelming.
But it doesn't have to be this way. Debt consolidation is the process of combining (consolidating) all of your debts into the one loan. The benefits of debt consolidation are to potentially save you money and to make it easier for you to manage your debt with a single repayment.
The benefits of debt consolidation
Some of the benefits of consolidating your debts include:
- Simplifies repayments – One payment instead of juggling multiple bills.
- Lower interest rates – Consolidating high-interest debts into a lower-rate loan can save money.
- Improved cash flow – Lower repayments free up funds for other needs.
- Potentially improves credit score – Consistently making repayments on time can boost your credit rating.
If you’re struggling with multiple debts, talk to an Elders Finance about whether a personal loan for debt consolidation could work for you.
Disclaimer: This information is general in nature and does not consider your personal objectives, financial situation or needs.
Brokerage services provided by Elders Home Loans Pty Limited (ABN 22 118 064 654; Australian Credit Licence 384408) or its authorised credit representatives; or by Elders Asset Finance Pty Limited (ABN 39 670 506 617; Credit Representative Number 558452) as authorised credit representative of LMG Broker Services Pty Limited (Australian Credit Licence 517192). Lending criteria apply. Not all products of all lenders may be offered.