With Australian household debt at record levels, many people are paying more interest on their debts than they need to. Therefore if you have multiple types of debts – especially those with very high interest rates such as credit cards or personal loans – it may be wise to consolidate them into one loan at a lower overall interest rate.
This has the twin benefit of saving you money, and making it easier to track (and control) how much you owe.
How do I consolidate my debts?
There are a number of ways you can consolidate your debts. The most appropriate way for you depends on your circumstances, including factors such as the nature and number of your debts, your overall financial situation and your borrowing timeframe.
At Choice Home Loans, we’ll help you explore all of your options, and make sure you understand the advantages and risks associated with each – allowing you to make the right decision with confidence.
For a no-obligation consultation with one of our professional mortgage brokers, contact us today.