Consolidate Your Debts and Get Back to Living Stress-Free
Between the house, the car, credit cards and personal loans, Australians are now living with more debt than ever. Sometimes life throws you a curveball and unexpected expenses and changes to your financial situation can result in having a couple of different loans or debts. A debt consolidation loan can be a great option if you want to consolidate your debts such as store cards, credit cards and personal loans into one easy monthly payment.
Paying off multiple debts can be stressful, feel overwhelming and complicate the weekly management of your cash flow. Debt consolidation works in a way that you take out a single loan for an amount that will pay out all of your existing debts, leaving you with just one loan repayment each week/fortnight/month. In most cases, the interest rate on the new debt consolidation loan is lower than that of your current debts, which means it can help you to get ahead by reducing the overall interest amount payable.
If you’re looking for a debt consolidation loan in Melbourne, we can help.
How to Consolidate Your Debts in 3 Easy Steps
- Calculate how much you will need to borrow to cover all of your current personal debts, including any fees and charges you may need to include in order to pay off your existing debts early.
- Get in touch with us at Debt Rescue. We will assess your financial situation and let you know which loan will suit you best. We can tailor the debt consolidation loan to your budget and needs.
- Once you apply and are approved, you can pay off all of your other loans immediately and focus on one single repayment of your new consolidation loan.
How Else Can You Consolidate Your Debts?
At Debt Rescue, we also specialise in mortgage refinancing. If you don’t want to take out a new debt consolidation loan, there is the option to consolidate your debts into your home loan. This allows you to focus on paying down your mortgage rather than stressing about multiple debt repayments. However, a home loan usually exists for up to 30 years and you may be paying more interest and money in the long-run, depending on the specifics of your current debts. For example, you may have a credit card with $10,000. If you consolidate it into your mortgage and pay it back over the life of the home loan (30 years), you will pay more interest than if you had kept the credit card.
Can You Consolidate Your Debts with Bad Credit?
While the big banks have hardship assistance in place, it is very rare they will lend money to someone with bad credit to help their situation improve. Fortunately, at Debt Rescue we understand that bad credit can strike at any time. This could be from a relationship breakdown, an illness or loss of job. No matter the circumstances, debt consolidation with bad credit is still possible. If your repayments are spiralling out of control, debt consolidation could help you relieve your financial stress and get back on your feet. Our Melbourne team can help you with a free 30-minute consultation.
If you are unable to consolidate your debts, there are other options available which may better suit your financial situation. An Informal Agreement or Part 9 Debt Agreement are other ways to get out of debt while avoiding the consequences of bankruptcy.
Finding Fast and Easy Debt Consolidation in Melbourne
If you’re tired of struggling with debt and need a solution to break free, Debt Rescue can help. We have been operating since 2005 and are one of the most trusted debt relief companies in Australia. Our team consists of personal insolvency and business debt specialists including Chartered Accountants, Registered Liquidators, Bankruptcy Trustees and Financial Advisors with years of experience helping people in financial distress.
If you are finding your debts are keeping you up at night, you need to seek professional advice straight away. Get in touch with our Melbourne team today on 1800 00 3328 to find out if debt consolidation is the right option for you.