Relieve financial stress with a debt consolidation loan


        
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Consolidate your payments into one neat debt consolidation loan

At Debt Consolidation Australia, we offer hassle-free loans for all Australians wanting to pay multiple creditors. We can help untangle your complicated finances and reduce the stress of remembering who to pay and when. With over 20 years of finance experience, our team believes that everyone should have the chance to simplify life and have a sustainable financial future.

Regain financial control with a debt consolidation loan

There are many benefits to merging your cards and loans:

save money with debt consolidation

Save money

Consolidate credit cards and loans to reduce your debts with low-interest loan consolidation. Pay off any high-interest rate credit accounts, avoid late fees, and start saving money.

easy payment plan with debt consolidation loans

Easy payment plan

Take control of multiple credit cards, store cards and loans with one easy monthly repayment. We also offer flexible payment terms to suit your financial situation.

stay in control of your finances

Stay in financial control

Less stress means more control. By combining your debts together, you can worry less and look forward to a brighter financial future.

What is debt consolidation?

Debt consolidation is as simple as it sounds. It is the process of combining all of the money you owe into one single loan. Essentially, it is a form of refinancing. All of your existing financial commitments are combined together into a single, larger debt with different terms. 

For example, you might have 4 debts (such as credit cards, store cards, car finance, personal loans) which amount to $40,000 in total, each with different (often high) interest rates. As an Australian, bank alternative lender we have debt consolidation loan products that can take all of these individual outstanding debts and combine them into one simple loan of $40,000. This debt consolidation loan would have new repayment terms. 

If you combine your credit cards, store cards and/or finance into one new balance then usually, the new debt consolidation loan interest rate would be lower. This can mean you could save a significant amount of money each year. Additionally, the debt consolidation loan repayment length is established on terms you can manage sustainably. This will depend on how quickly you would like to pay the debt off and how much you want to pay regularly. As well as this, you will be free from your previous creditors. As such the new lender manages the entire amount for you, so you only have to refer to this lender and nobody else. 

No more financial chaos, no more debt collectors chasing up repayments, no more arrears or defaults.

How does a debt consolidation loan work?

one easy debt repayment

By gathering all of your existing debts together into one new package, you can gain greater financial control. Multiple debts can be confusing and stressful, but tidying these loans into one single repayment provides a much clearer picture moving forward.

The Debt Consolidation process is simple. You take out a new personal loan to cover your existing debts, and then repay the new loan back over a set term. This larger, single loan takes your current creditors out of the picture, often with a lower-interest-rate. This means no more hassle or confusion from managing multiple creditor payments and makes keeping on top of the repayments much easier.

A debt consolidation loan can also help with your household budgeting. Instead of having to make the minimum repayments as many people do on credit cards, leading to very high interest rates, you instead make set repayments that cover both the outstanding loan amount with interest, which you know will end at a certain date. This is a far clearer and easier way of making payments. 

Let’s take your phone bill for example. You have a single, set amount to repay each month which you have to repay for an agreed amount of time. 

It’s that simple!

An example of a debt consolidation loan

You have three different credit cards, each with different repayment amounts:

credit card debt of $4000
credit card debt of $9000
credit card debt of $6000

These credit cards are also likely to each have different interest rates.

16% interest on credit card debt
21% interest on credit card debt
15% interest on credit card debt

It is also likely that you are making these repayments at different times each month.

28th each month
14th each month
26th each month

Managing multiple credit cards can be a lot to keep up with, so coordinating your household cash flow ends up being very complicated. Additionally, if, like the example above, you have a credit card with a significantly high interest-rate, you could be paying a lot each month just to cover the interest, let alone chipping away at the outstanding balance. The result of this is that you’ll be paying off the balance, plus interest and not incurring late fees and penalties if you stick to the program.

get a debt consolidation loan

Take out a debt consolidation loan

All of your existing credit card and creditor balances can be combined into one, easy to manage loan, with a new rate (usually lower), all on your terms.

consolidate credit cards

Your debts paid off

All of your current financial obligations, including outstanding interest, will be paid outright, so you can breathe a sigh of relief.

happy with debt consolidation

Repayments that work for you

1 weekly, fortnightly or monthly repayment
1 interest rate (usually lower)
1 repayment term set by you.

The Debt Consolidation loan process can simplify your life

easy payment plan with debt consolidation loans

1 x repayment

Saves you time and eradicates any confusion. You can budget more effectively and stay in control/

interest rate

1 x interest-rate

Saves you money by setting a new, generally lower, rate than most credit card interest rates.

Debt Negotiation

1 x creditor

Save anxiety by stopping calls from multiple creditors wanting money. You can answer your phone again!

Debt management and relief services we offer

we've helped australians achieve financial freedom through debt consolidation

Debt Consolidation Loans

Debt Consolidation takes all your credit obligations and put them into one easy-to-manage loan. Our fully trained and experienced loan specialists will assess your situation and help to renegotiate your bad debts. You can take control of your finances, reduce interest and worry less about managing all your repayments.

Debt Negotiation

Debt Negotiation

Are you sick of creditors hassling you with stressful phone calls, emails, messages and demand letters? Is it just too much? We can negotiate with your creditors, on your behalf, to settle suitable terms on your outstanding credit balances. We can help freeze the interest and remove the financial pressure associated with managing your debts. Get back to living without stress again.

Consolidate debt in three easy steps

apply for debt consolidation loans online online

1. Apply for debt consolidation online

Our obligation-free, simple enquiry form only takes a matter of seconds to complete. Select the service you need and one of our friendly loan consultants will call or email you, so keep your phone handy!

Debt Consolidation will let you know very quickly how we can help and advise you of your debt management options

2. Find a solution

Our loan consultants are highly experienced. We’ve helped thousands of Australians to simplify their financial obligations. We’ll quickly analyse your financial situation and offer the right solution. Our consultations are hassle-free, judgment-free and obligation-free.

stay in control of your finances

3. Stay in control

Stop the pressure associated with the management of multiple credit cards, finance and loans. Consolidate your debts into one easy-to-manage repayment (weekly, fortnightly or monthly). Control your finances and get rid of financial anxiety.

Frequently asked questions about Debt Consolidation loans

Debt consolidation is the process of bringing together all your debt and rolling it into one easy to manage personal loan.

This may help you to combine your outstanding financial obligation into one convenient loan, potentially at a lower interest rate than you might be paying now. In simple terms, that’s one loan, one regular repayment, one interest rate.

At a minimum to be eligible for a debt consolidation loan you must:

  • be 18 years of age

  • demonstrate a regular income

  • be an Australian Citizen or Permanent resident.

Depending on your personal situation, we will assess your eligibility based upon other credit and approval criteria.  

You can consolidate a range of debts including:

  • credit cards

  • store cards

  • in-store finance

  • car finance

  • personal loans

  • smaller debts.

There are many benefits to merge your financial obligations into a single loan. If you are finding it hard to manage your finances, we can help you reduce budget and day-to-day stress and eliminate debts in the long run. Other benefits including saving money with a potentially lower interest rate, reducing fees, including late fees, protecting your credit score and avoiding bankruptcy. A consolidation loan will allow you to reduce the time and anxiety spent on managing your confusing finances.

Debt consolidation offers both fixed and variable loans. A fixed loan means that the interest rates will not change during the lifetime of the loan. With a fixed loan your repayments will remain the same. On the contrary, a variable interest rate can fluctuate during the loan period. Check out our interest rates online.

Yes. Once your consolidation loan has been approved, we can release payout payments to your credit card providers. Acting on your behalf, we can also help you organise your paperwork to get this sorted quickly.

When faced with seemingly insurmountable financial issues, many people can become easily overwhelmed, but there is help available. 

To find out if debt consolidation is the right approach for you, you should consider getting independent financial advice.

See moneysmart.gov.au for useful information on managing your debts. Free financial counselling and free legal advice is also available.

We can also help with debt management assistance such as debt negotiation, informal debt arrangements, and formal debt agreements.

Your credit score is influenced by a variety of factors categorised within your credit utilisation. If you take out a consolidation loan to pay off existing debt, you may potentially reduce your utilisation ratio, which may improve your credit score. 

Depending on your financial circumstances, it is possible to secure a consolidation loan. Speak to one of our loan specialists for a hassle free consultation.

Depending on your case, you can receive a lending decision within 1-3 working days.

Repayments can be made on a weekly, fortnightly or monthly basis. If you would like to make extra repayments please contact our customer service team.

Yes absolutely. Paying by direct debit saves you time and the hassle of manually repaying the loan. At the same time, you must ensure that you have sufficient funds in your nominated account so that you do not miss any payments. If your circumstances change, call debt us on 1300 795 775 to discuss your financial options.

We promote responsible lending. That’s why you can make additional repayments to pay off your loan sooner.

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