Many Aussies have experience with debt.
In fact, as of June last year 20% of Australian households have credit card debt, while 33% have other personal debt, according to RBA numbers.
Meaning a whole lot of people are dealing with making repayments, and in some cases, multiple repayments. But the truth is, keeping your debts separate isnt always the most financially savvy option – considering where personal loan rates sit right now.
This is where a debt consolidation can come in handy.
What is debt consolidation?
A debt consolidation loan is a type of personal loan that rolls your debts into one. It combines debts that come with a high interest rate, like a credit card or loan, meaning you only make one repayment a month rather than multip…
Read the full article at: https://mozo.com.au/personal-loans/articles/why-a-debt-consolidation-loan-could-be-a-smart-move-right-now
