Debt Consolidation

Are you struggling to pay off your debt? Maybe it’s time to consider taking out a personal loan to consolidate your debt.

There are many different reasons why people choose to take out a personal loan to consolidate their debt. Some of the advantages include reducing the number of fees you pay on your debt, giving you financial breathing space whilst also setting you up for greater control over your finances and financial future.

How it works
Each client situation is slightly different depending on what kind of debts you already have. For example, if you have multiple credit card debts and no existing personal loans, you will need to apply for a personal loan, then use the loan to pay off your credit card debts.

However, if you already have a personal loan, credit card debt or car loan and you’re happy with the interest rate on your loan you could refinance your existing personal loan to consolidate them.

Pros and Cons of Debt Consolidations

Pros

• Easy all in one monthly repayment
• Less account keeping fees
• Potentially lower interest rate than your current loans

Cons

• It may be difficult to get approval on future loans should you default on payments.
• Paying debt off over a long time can mean you pay more in interest charges.

How we can help
At Zero Mortgage, we are about our customers financial future and with access to over 40 lenders, we can help you improve your financial situation by guiding you through the entire debt consolidation process and finding the ideal loan for your situation.

If you’re ready to take control of your financial future and need help, speak to our team on 1300 474 888 or fill out our enquiry form and a member of our team will be in contact shortly.