Nearly half of Australian adults who have debt – around 5 million people – struggled to meet their repayments in the 12 months to April 2024, according to ASIC research.
If you’re in over your head and your repayments are only pulling you down further, debt consolidation could be a solution worth considering. Here’s how it works.
What is debt consolidation?
Debt consolidation means to roll multiple debts into one facility. Typically, this facility has a lower interest rate than the original loans, reducing the number of repayments the borrower needs to manage.
Consolidating debt can help ease the financial and mental burden of repaying multiple consumer debts, such as credit card debt, personal loans, and buy now, pay later (BNPL)…
