DEBT CONSOLIDATION

Debt consolidation involves rolling all your existing debts into one single loan or credit card. Debt consolidation can help reduce the stress of multiple debts and interest rates and give you a clearer picture of your financial future. Paying off more than one debt at a time is not uncommon. But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.

Why would you consolidate?

To summarise, the key advantages of consolidating your debt are:

• A potentially better (lower) interest rate
• Repayments that are easier to manage
• A means of providing a clear timeline outlining when you’ll be debt-free