The challenge of dealing with debt is the need to make multiple repayments
to various lenders. This is why debt consolidation is a great idea.
Dealing with debt
Australians know they need to reduce debt faster, at Colonial Pacific we illustrate where that money can come from. Whilst all debts are not bad, having too may debts and not reducing them is. Darren shows you how to attack bad debt head on.
The challenge of dealing with debt is the need to make multiple repayments to various lenders. This is why debt consolidation is a great idea. It works by combining a number of different debts into a single loan.
Do you have a mortgage?
Your home loan is often a good choice for debt consolidation as it comes with the lowest rate of all types of credit. One downside is that you may be transferring a short-term debt (like a credit card balance) into a 20 or 30-year term loan. However, by utilising our Living Expenses challenge you will quickly reduce all debt much faster.
If you don’t have a mortgage, a personal loan can be a good choice. The term is fixed so you have a clear end date, and the set repayments are easier to budget for. There are many useful apps for tracking your budget on the go. You can set goals and budgets and track transactions. Every dollar spent is automatically categorised so you know exactly where your money is going. and you can adjust categories to fit your lifestyle and check in regularly with monthly reports.
Whatever your ambitions, we’ll help you get there.
A. No. Consolidating your debt is no guarantee that you’ll become debt free, and don’t believe anyone that says otherwise. Debt consolidation just makes life easier. Primarily it’s up to you to limit excess spending and stick to a programme to keep your finances in order.
A. At Colonial Pacific our goal is to help you take control of your finances before things get out of control. Our ‘debt consolidation’ is part of streamlining a household budget, if you need the help of a financial counsellor to work with creditors we can point you in the right direction.