A debt consolidation loan can be used to pay off multiple debts, including credit cards, medical bills, Car loans, Hire purchases and more. This type of loan can be a good option if you have a high interest rate on your debt or if you have trouble making payments each month. Combining multiple store cards, credit cards and loans into one easy repayment schedule can enable you to repay your debt more easily.
Existing loans and credit card debt can have varying interest rates along with varying repayment amounts. Debt consolidation loans generally have one competitive interest rate and a weekly, fortnightly or monthly repayment.
One easy to manage repayment amount can take a little stress out of life and get you back to worrying about the things that really matter like where should we holiday next or just ease the pain of our increased cost of living, providing you don't redraw on the loans you have repaid.
