Get Out of Debt Faster with This Method
According to a recent Finder article on personal debt, an Australian who typically earns $80,000 has average spending of nearly $170,000 per year, which equates to an income-to-personal-spend ratio of 1:2.
While Aussies are utilising credit for good return investments, a debt is still a debt – and one can easily fall into a debt trap if they fail to manage multiple repayments. But what if someone told you that there is an easier, faster method to free yourself up from debts significantly earlier, with potentially better monthly instalments and lower interest and fees?
That method is called debt consolidation, and it is absolutely worth giving a try to stop one from sinking deeper and deeper into financial catastrophe.
Find out if you are qualified to consolidate your debt here.
What is debt consolidation?
Debt consolidation is the process of bringing all your existing debts into a single new debt with a low interest rate. It is a better way to manage any money you owe from multiple creditors.
For instance, if you are paying three different debts with three different interest rates and repayments monthly, you can combine all of them into one by opting for a debt consolidation loan. These could be things like credit cards, store cards, personal loans, car loans, education loans, medical loans and more.
OneDebt by MONEYME offers debt consolidation loans up to $50,000 to help cover the costs of multiple debts. Their loan offers are unsecured, which means you do not have to back up your loan with a personal asset, such as your home or your car.
With OneDebt, you get to experience an entirely online debt consolidation loan application – complete the form in minutes, get an outcome fast and receive your debt consolidation funds same-day. You do not have to worry about getting caught with late fees, as you can set up your repayment schedule in line with your pay cycle. And if that’s not enough, MONEYME has no early exit fees so you can pay off your loan earlier than the original schedule without any penalties.
Learn more about debt consolidation loans here.
Why should I consolidate my debts?
One small debt can grow into two or three bigger debts, and if this happens you may need to roll them into one to help significantly reduce the monthly interest and fees you are paying. Plus, having one payment is a lot more manageable as opposed to juggling several debt repayments each month.
This may also make your budgeting easier – freeing up space not just for your debts but also for other expenses so you can eventually get on top of your finance once again.
But just like everything else, it pays to make research and careful choices when looking for a prospective debt consolidation loan provider. Make sure that they are ASIC-licenced. Charges like application fees and early exit fees can add up too, so check if the interest rates, monthly fees and other charges that they are offering are lower than what you are currently paying.
Choose the best debt consolidation loan offer that will help you regain control of your financial wellbeing and enjoy absolute peace of mind.