Don’t let debt get you down

Don’t let debt get you down

Manage multiple debts better with a consolidation loan.

The first few months of the year can be tough on your finances, especially if you’ve stretched yourself over the festive season. Debt consolidation can help.

What is debt consolidation?

When people struggle to meet their financial commitments, they can react by continuing to juggle their debts and hope they come out the other side.

The more proactive option is to refinance and merge multiple debts into one loan. This can lower your monthly repayments, and simplify things with only one payment to manage.

Which debts are included?

There is a range of debts you can consolidate, which could include:

  • Credit cards
  • Tax debt
  • Utility bills
  • Payday loans
  • Unsecured personal loans
  • Car and vehicle loans
  • There are some debts that you can’t consolidate, however, and any security for the consolidated loan will play an important role, so it is worth asking an expert.

    Reap the benefits

    There are many reasons why debt consolidation could work for you. From avoiding later payments to the ease of one repayment, it can also improve your financial and overall wellbeing in the long run.

    Consolidation considerations

    Before you sign up for a new loan to merge your debts into, make sure you check on any exit fees that may be payable with your existing lenders.

    There may also be government duties or taxes that apply if you are using your home loan to consolidate these debts.

    Ask an expert

    A Liberty Adviser can help take you through the process of debt consolidation, helping to identify what can and can’t be included. Get in touch to find out how you can better manage your multiple debts today.

     

    e-max.it: your social media marketing partner

    Approved applicants only. Lending criteria apply. Fees and charges are payable. Copyright © 2019 All rights reserved | Liberty Network Services Pty Ltd (ABN 65 151 158 628/Australian Credit Licence 408042) (LNS) is a wholly-owned subsidiary of Liberty Financial Pty Ltd (ACN 077 248 983/Australian Credit Licence 286596). Liberty Network Services has access to products including those from Liberty Financial.