4 reasons to why you should consider debt consolidation

Debt Consolidation
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Team MONEYME|12 January 2023| 2-minute read

Dealing with multiple debts? You’re not alone! With different interest rates and due dates, keeping track of everything can feel like you’re juggling a million different balls – and not in a fun way.

But don’t worry – there’s a way to make your life easier and save money at the same time. Enter debt consolidation! It could save you a lot of headaches. Here’s why.

1. Less hassle, less to worry about

Debt consolidation is essentially combining all your debts into one. To do this, you take out a personal loan and use it to pay off all your outstanding debts. This way, you only have one repayment date to track of. You may also be able to get a longer repayment term, which can lower your monthly payments.

Plus, you’ll know exactly how much you owe and when it’s due, so you can start budgeting accordingly.

2. It will save you some cash

Consolidating your debts can also help you save money. That’s because personal loans tend to have lower interest rates than credit cards and buy-now-pay-later accounts. Plus, you’ll only have to pay one set of fees and charges.

3. It will help you get debt-free faster

Having a clear end-date is another benefit. Consolidating your debts into one makes your repayment schedule simpler, and can help you pay off your debts faster, which will save you a lot of money in the long run.

4. It’s good for your future financial goals

If you make your repayments on time, it can improve your credit score and help your chances of getting approved for a loan in the future.

Paying off your debt will also help to reduce your debt-to-income ratio. That’s another key factor lenders look at when deciding whether to lend you money or not.

Debt consolidation is a great way to make your debt situation simpler, help you save money, and get debt-free faster. Plus, you’ll set yourself up for success when it comes to future financial goals.

Debt consolidation

Consolidate your debts into a low monthly repayment with rates that are cheaper than major banks.

Learn more

Interested in a personal loan?

Check your interest rate and repayments in just a few minutes! It won’t impact your credit score.

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