Australian consolidating debt loan

06-Sep-2017 04:18

Instead of having to manage repayments to multiple banks and financial institutions a debt consolidation loan allows you to deal with a single lender.This makes managing your debt situation significantly easier and often you can wind up paying less each month than you were paying before.These debt agreements often mention one payment and a government backed scheme.Debt Agreements have serious consequences and are usually expensive.Some debts may be more important than others so it's worth working out how to prioritise your important debts while at the same time seeking a solution to tackle your other debts. If you can come to agreements with your lenders over the different loans you have, you'll usually be better off because refinancing costs money.

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If you do plan to use a debt consolidation company or credit provider, make sure they're licensed by the Australian Securities and Investment Commission (ASIC).

Getting a new loan or varying an existing loan to pay out a number of other loans comes with some risk. Longer to pay off The main downside of a consolidated loan is that it usually takes much longer to repay - and that means it may cost more in the long run.