Consolidating bills into one monthly payment
Once we’ve consolidated your debt for you, we can arrange a payment schedule that allows you to pay it back in a way that best suits your financial situation and budget.Choose from weekly, fortnightly or monthly payments over a period of 3 months to 4 years.
You take out another loan, equal in value to the sum of your debts, and then pay that off each month instead. You will not be able to reduce what you owe, but by consolidating your debt you only have to pay one manageable monthly payment, and your new loan could have an interest rate lower than those which you are currently paying.
You can see if your bank or credit union is able to provide you with a debt consolidation loan.
Banks and credit unions are typically only willing to lend people around 10% of their net worth (your assets minus your debts) on an unsecured basis.
This is usually people’s preferred option since mortgage interest rates are usually much lower than other loan interest rates, and mortgages can be amortized (paid) over 25 years.
This means you can arrange much lower monthly payments than with another type of loan.