While youve likely considered a car loan or a personal loan at one time or another, odds are that you havent investigated taking out a debt consolidation loan.
Recent research by SocietyOne into attitudes towards debt and credit indicates that 82% of Australians with personal or household debt have not taken out a debt consolidation loan of any kind, meaning that you certainly arent alone if its something youre yet to explore.
What is a debt consolidation loan?
To put it simply, a debt consolidation loan is used as a way to combine several different lines of credit into a single loan.
These loans typically allow you to find a better interest rate, pay a single monthly repayment, and deal with only one creditor instead of several. They …