Debt Consolidation Loans
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It is not easy to live a life without debt in this credit driven society that is Australia today.
Take away credit and our entire economy would collapse around us. Such living beyond our needs demands, however, an ability to act financially responsible regarding all the temptations that are put in our way. This means we must always remain within our ability to repay, no matter what income we are enjoying, otherwise we may all finish up searching for the relief debt consolidation offers, much faster than we think.
Featured Personal Loan
Aussie now offers Personal Loans for just about anything you like.
Whether for a holiday, home renovations, a special project or even a wedding, a Personal Loan from Aussie can help you pay for any worthwhile purpose. It’s even a smart way to take control of your credit card debt.
- Great rates so that you don’t pay more than you need to
- Fixed monthly repayments make it easier to stick to a budget
- You set the term of the loan so you’ll have repayments you can afford
- Fixed loan term so that you’re set to repay your debt and not let it drag on forever
- Easy to apply and fast approval
Apply now for a personal loan from Aussie. Terms and conditions apply*.
Debt can strike at any time. It may be that you are only over committed if disaster hits like losing your job or sickness or accident. You suddenly lose the income you were depending on. Debt consolidation is not restricted to the ‘undisciplined poor’. Nor is it an action you need to avoid and hide from until it is too late and bankruptcy hits.
In fact debt consolidation is sought by more middle class and the more seemingly affluent people among us, than the poorer. The poor are protected in many ironical ways simply because they can’t access credit as can others with more visible resources and a figuratively ‘brighter’ future.
Best Debt Consolidation Loan Comparison
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
Aussie Personal Loan |
Aussie Personal Loan – a smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 |   |
ANZ Fixed Rate Personal Loan |
ANZ Personal Loan – a convenient and fast way to attain your desires and requirements with affordable rates and fees. | 13.95% | 17.07% | $5000 | 1 year | $150 | |
St.George Secured Personal Loan |
A competitive interest rate from St.George to consolidate your personal loan debt. | 12.74% | 13.62% | $3000 | 1 year | $195 | |
Sugar Money Personal Loan |
Fixed rate personal loan allowing you to consolidate your credit card debt into 1 regular repayment. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
GE Money Personal Loan |
GE Money Personal Loan features a fixed interest rate as well as a repayment amount for the life of the loan. | 13.99% | 15.00% | $4000 | 2 years | $250 | |
Bank of Melbourne Secured Personal Loan |
Flexible personal loan repayment options. Choose a fixed interest rate for peace of mind that your repayments won’t change for the term of your loan, or a variable interest rate which lets you make extra repayments each month. | 10.99% | 11.88% | $3000 | 1 year | $195 | |
Credit cards add dramatically to consumer debt.
Debt consolidation companies have reported of cases where some people seeking their assistance have up to $400,000 in credit card debt on up to 50 different credit cards. They tell us that at any one time up to 75 percent of credit cards are not fully paid off each month and are therefore attracting even more debt, even though they no longer get used to make purchases with. The interest just keeps on accruing, some at a rate of over 20 percent! We are also told that the average debt, carried on all those millions of credit cards out there circulating around the community, is more than $2,000 per card.
The recent Global Financial Crises (GFC) saw a concerted effort from credit card holders throughout the country to lower their credit card debt and governments are now prohibiting credit card providers from enticing people to enter into acquiring credit cards through mail marketing but the fact remains that there are still many of us facing financial ruin, simply because we didn’t read the future correctly, or some kind of financial disaster has befallen us.
Some financial counselling is free.
Many financial counsellors offer a free and independent (from banks, or other financial institutions) advice to help put you back on track if you seek them out early enough to have something done. They will help you organize your affairs and may even assist in writing to your debtors requesting further time to pay. Most debtors are only too willing to oblige, as long as they are convinced that you are genuine and have the ability to , and will stick to, any arrangements.
Debt consolidators will also recommend a similar approach in the first instance but may make it more formal and require an agreement in writing. A move that can damage your credit history and place you close to bankruptcy if you fail to keep to the arrangements.
Debt consolidation loans can be a real way out of debt.
Many banks and finance companies will offer you a debt consolidation loan, often requiring a refinance of your home loan if you are a home owner. Some will do the same with a personal loan, not requiring any security, as long as you are in secure employment and appear to be a good risk with suitable references or guarantors. A loan to consolidate debt will cost you but it may be well worth while in order to place all your debts in the one basket with only one regular monthly repayment to worry about.
Some tips to help you avoid uncontrollable debt:
- Write to your debtors and honestly explain your position as soon as regular repayments start getting harder to meet.
- Ask if some of your debtors are willing to wait a little while for their money even if you have to agree to paying interest for the privilege.
- Make a budget, Stick to it and regularly revise it.
- Sell off what you don’t need such as the second car or boat.
- Look for a part time job or some other way to supplement your income.
- Once you pay off your credit cards cut them in half and take out a debit card attached to your savings account.
All is not lost if you have to resort to taking drastic action to improve your financial situation to avoid action being taken against you for debt. All your debtor really wants is his or her money for products or services rendered. It is only when your debtor sees little hope that action will be taken. If all this fails seek debt consolidation through a financial expert.
You can view a comparison table here for more information about personal loans available to you, or follow a secure link to a providers website.
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