However, when your debt gets out of hand and you find yourself juggling multiple cards and loans, it can be exhausting. Debt consolidation could help you to combine your outstanding debts into one convenient loan potentially at a lower rate than you currently pay.
If this sounds familiar, there are actions you can take to rein in your debt and pay it off sooner. Simply put, that’s one loan, one regular repayment, one interest rate and one set of loan fees.
The debt consolidation calculator will help you determine how much you may be able to save by consolidating your debts into a home equity line of credit.
Enter information about your current debts, payments, balances, and interest rates to see your results.
You can do this with a commercial debt consolidation loan or by using the equity in your home.
We’re referring to the home-equity and no-equity debt consolidation loans you now see advertised continuously on TV, radio and in newspapers.
And while these types of loans can sometimes be a good decision, don’t sign on the dotted line without considering the negatives as well as the positives.
At Westpac, we offer three ways to consolidate debt: A personal loan can be a good option to consolidate a range of debts.
The main benefit of a personal loan is that it has a fixed term.
Step 1: Gather information about all your debts To take control of your debt it is essential to know how much debt you have.