Debt consolidation is the process of combining multiple debts into one loan.
Why consolidate debts?
You would usually consider debt consolidation to reduce monthly repayments or just to simplify your financial structure. In many cases this may increase the term or interest paid on the overall debt but can make the liability easier to manage. This is an option to consider if you are finding it hard meeting your repayments each month or just find it difficult to juggle numerous debts and repayments.
If you have adequate equity available in your property, you can consolidate personal debts such as car loans and even credit cards with your mortgage which simplifies your liabilities into one debt.
To weigh up the pros and cons of debt consolidation, we recommend you meet with one of our lending specialists, so contact us to arrange an appointment anytime.