Having more than one debt at a time isn’t as uncommon as you may think. Consolidating your debts to manage your repayments better may be the best option for you if you feel like the walls are starting to close in.
Let’s break it down. Say you have three credit cards with debts of $3,000, $5,000 and $8,000 respectively. You’re going to have three different interest rates and three different dates of repayment throughout the month. This is probably making it hard for you to manage your cash flow and causing a lot of stress.
Debt consolidation means combining all of these current debts together into one new debt, typically by taking out a new personal loan. The new loan will pay out your old ones, and then you will only have to worry about paying one rather than a few little ones that add up over time.
Consolidating your debt leaves you with more wriggle room for other things in life. Our awesome advisors can help find you the right new loan to get you back on track.