Debt consolidation tips
Debt consolidation has the potential to save you hundreds, possibly thousands, of dollars if it's done correctly. But there are potential pitfalls to avoid. Follow our tips to maximise your savings:
- Take the time to choose the method of consolidating debt that is right for your budget and apply to pay off the debt.
- There is an extensive choice of loan options or balance transfer deals that could help you save money. Seek the help of a expert, like an Aussie Broker, to help make it easy to cut through the clutter to secure the ideal deal.
- Debt consolidation is most effective if you take a disciplined approach to repaying the new debt. Avoid the temptation to reload your old credit card with new purchases once it has been paid out.
- Using a home loan to consolidate debt could turn a short term debt into a long term one. Making extra repayments will boost your interest savings and see you debt-free sooner.
- Unless you stick to a spending budget, you could simply end up accumulating more debt again.
Aussie Brokers have extensive experience with debt consolidation, and can analyse your circumstances and needs to guide you through the process. There's no obligation when meeting with an Aussie Broker and their service is completely free.
Book your free appointment with an Aussie Broker online now, or call us on 1300 44 55 66.