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But, unpaid repayments can rack up extra interest and fees, and may result in black marks on your credit file. For some folks struggling with multiple debts, debt consolidation can be the answer to their problems.Allowing them to roll their debts into one loan, debt consolidation can help to reduce stress, while making repayments more manageable month-to-month. Let’s take a closer look at debt consolidation, so you can make the right decision for your situation.
If you are finding hard to pay the bills each month with debts building on your credit cards, car loan and other loans a low interest debt consolidation loan could be worth consideration to help you on the path back to a life without the stress of debt.
Debt Consolidation loans are a type of personal loan which are designed specifically to help you save money on interest charges and fees whilst also simplifying how you manage your debts through the switch to one monthly payment, to cover all the required payments of your debts.
Your Westpac personal loan can be paid back over a term of 1 to 7 years.
You’ll also have the option to make extra repayments to get your loan paid off ahead of time, which can help you to reduce the total interest you’ll pay on your loan.
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However, while there isn’t an Aussies alive who doesn’t love a discount in any form, it’s still worth questioning the value of this new offer.
But that doesn’t mean it’s the right option for everyone.
If you’re thinking about applying for debt consolidation, it’s important to understand what you’re getting into – and whether it will actually improve the situation you are in.
A debt consolidation loan allows the borrower to pay off all their loans, so they only have one loan and one repayment to worry about.
By clearing their other debts, borrowers may feel reduced pressure, especially if creditors have been hassling them to make repayments.