The start of a new year is a great time to set goals and get your finances back on track by consolidating your debt with a personal loan.
- Take control of your debt
- How debt consolidation works
- What to look for in an interest rate
If one of your new year’s resolutions is to stay in control of your debt, then we can help you stick to it.
There’s no doubt about it that juggling multiple debts and credit card repayments can feel like one long New Year’s Eve hangover. Keeping track of different repayment schedules and multiple admin fees can send you spiralling out of control. It’s easy to miss a repayment and get stung paying higher interest on your debt.
There is a way you can take back control. You could consider consolidating your debts into a single personal loan.
How does debt consolidation work?
The way it works is that by taking out a personal loan, you can use the funds to pay off all your existing debts and outstanding credit cards. You then only have a personal loan to repay over a set term that you determine. If the interest rate on your personal loan is lower than the interest rates across all your debts then you’ll be on track to pay off your loan quicker and be debt free sooner.
Some things to look for when choosing a personal loan is a low interest rate and no ongoing monthly or annual services fees – these can add up over the term of your loan.
At BankVic we can help with your debt consolidation needs. We have a low-rate personal loan and no monthly or annual fees. Our personal lending consultants are available to help find a solution for you. Call us on 13 63 73.