Consolidating your debts can help reduce the stress of juggling multiple debts and interest rates.
What is a debt consolidation loan?
Paying off more than one debt at a time can be challenging and stressful. This is where debt consolidation can help bring your existing debts together into one loan, offering you greater control of your financial situation.
One common method clients use is taking out apersonal loanto pay off multiple debts. By doing so, you can then pay back this new loan with a single payment over a new set term. Alternatively you can look at refinancing or increasing your home loan.
What are the benefits?
The key advantages are:
Reducing your repayments and saving more money
Making your cash flow more management
Bringing multiple payments into one easy to manage repayment