Want to improve your financial situation with debt consolidation? Debt Rescue can help.
We provide a range of debt relief strategies to suit your circumstances. We’ll work with you and talk through your financial position, so we can develop the right debt consolidation solution for you.
Whether you’re consolidating credit card debt, personal loans, secured loans or unsecured loans, there’s always an option for you to move towards a happier, debt-free life.
What is Debt Consolidation?
Debt Consolidation can improve your cash flow as it combines your debts into a single loan with one loan repayment.
If you want to improve your financial situation with Debt Consolidation, Debt Rescue can help. We provide a range of debt relief strategies to help you get out of debt. You can tailor Debt Consolidation to suit your specific circumstances but you must consider a number of factors before you go ahead. Our Debt Rescue Case Managers can talk through your financial position and customise a Debt Consolidation solution for you.
Providing Debt Consolidation Help Across Australia
What are the Benefits of Debt Consolidation?
Debt Consolidation has many benefits when you enter under the right circumstances. It can:
Reduce your interest by paying out debts which have a higher interest rate.
Increase and improve your cash flow through one lower loan repayment.
Remove multiple excessive fees on your debts by consolidating into one loan.
You won’t have to stress about juggling numerous debt repayments.
Is debt consolidation right for you?
Debt consolidation can be beneficial in the right circumstances. Before you consider debt consolidation, it’s worth considering:
- The interest and fees for breaking any contracts on existing debts
- Interest charges on your new loan vs. the interest on your existing debts
- Comparing repayments on your new loan to what you’re currently paying
- Setup and account-keeping fees for your new loan.
Thankfully, you don’t need to be a financial advisor. Our team are always on hand and happy to help you break down those difficult financial agreements. We’re not just interested in selling you a product – we’re here to find you the best financial outcome possible.
What can be included in a debt consolidation loan?
You can consolidate all unsecured debts including personal loans, credit cards and store credits into an unsecured debt consolidation Loan. You can also consolidate bills, such as any unpaid phone or electricity bills.
Secured debts are when you secure the debt against an asset, such as property or a vehicle. These types of debts, together with unsecured debts, can be consolidated into a debt consolidation home loan, provided there is sufficient equity in the underlying asset.
Success Story: Ryan's Debt Consolidation
Ryan works full time and lives in a rental property in Wollongong. Ryan owns a car and has several small loans and credit cards, with debts totalling $8,200.
Ryan’s workplace recently changed its policy on allowing staff to work overtime. Without this opportunity for extra income, Ryan found his debt repayments were becoming unaffordable.
He called Debt Rescue for help. Debt Rescue referred Ryan to Positive Solutions Finance who matched him with a lender – who offered Ryan a loan for $8,500.
Using this loan, he could pay off his existing debts, eliminating the high interest and account-keeping fees. He was left with one reduced repayment for his debts.
How we can help you with Debt Consolidation
A debt consolidation home loan uses the equity in your mortgage to pay out existing loans. This is achieved through a mortgage refinance. Refinancing your mortgage will reduce the interest you’re paying on your debts, saving you money. If you’re looking for a debt consolidation home loan, we can help reduce your repayments, saving you interest and improving your cash flow.
A debt consolidation personal loan is generally not secured against any property. A creditor will lend money to you to pay out existing unsecured debts based on your income capacity to repay the loan. By combining all your debts into a new personal loan, you can reduce the interest you’re paying on your debts, saving you money.
How Debt Consolidations Happen
Until you’ve been through a debt consolidation, it can be a little difficult to get your head around the procedure. Thankfully, it’s simpler than you might think.
Our experienced Case Managers will suggest the best way to proceed. They can refer you to a number of consolidation and lending partners.
You can make the application through our preferred lenders. We will work to improve your financial standing before applying for a loan to improve your chances of approval.
Once your loan application has been approved, your existing debts will be paid out leaving you with a single manageable repayment.
Need help with debt consolidation?
At Debt Rescue, we’re here to help you take control of your debt. We only recommend trusted lenders who can assist in your particular circumstances. Helping you achieve a debt- and stress-free life is our number one priority.
For a free chat about your financial situation, chat to one of our Case Managers today.
For further information on Debt Consolidation and options for financial relief, discover our articles here.