Debt consolidation is the process of folding (or “consolidating”) a number of different debts into a single loan, often with a lower overall interest rate.
Consolidating your debt could be a good choice if you are struggling to manage several debts, or want to reduce your overall monthly repayments and secure a lower overall interest rate.
Debt consolidation has the potential to save you hundreds, if not thousands of dollars, however it's important that it's done correctly as there are some pitfalls. A careful analysis of your finances can determine whether refinancing is recommended in your case.
To better understand your borrowing options please contact Elite Finance Professionals on 0437 404 445, for an obligation-free assessment of your situation.