Start Consolidating loans into mortgage

Consolidating loans into mortgage

If you can tick all those boxes though, then incorporating your debt can be both cost effective and easy on your budget, depending on the situation.

Rate’s debt consolidation calculator will start by showing you how much equity you have available to consolidate your various loans.

Personal debt can creep up on us slowly, gathering in size until it becomes a black cloud hanging over our head.

The average Australian has more than one credit card – and many of us are paying interest on the balance.

An important proviso to be aware of with this strategy is that after the advertised number of months at the low interest rate, all unpaid balances are transferred to the standard interest rate which is, on average, 18.41%.

As such it may be necessary to utilize several balance transfers in succession in order to extinguish your debt.

So the first step in debt consolidation is simply to consider whether it will actually work for you.

There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.

Of course, any debt consolidation strategies can only be successful if you cancel your credit cards and avoid running up further debt.