Who doesn’t love the holiday season? After all, it’s the most wonderful time of the year. However, we know that the season can also be an added pressure on households when it comes to buying gifts and entertaining guests, in addition to making on-going debt repayments.
To help take the pressure off, consolidating your existing debts into one regular repayment and at a lower interest rate can help save you money for buying the gifts on Santa’s wish list.
In this blog, we’ve identified the key benefits of debt consolidation using a personal loan.
What is debt consolidation?
Debt consolidation is when you combine your existing debts such as credit cards and personal loans into one recurring repayment with a single interest rate.
Benefits of a personal loan for debt consolidation
Consolidating your debt using a personal loan has a number of benefits, including:
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Reducing your interest rate and annual fees
One of the most common benefits of consolidating debts using a personal loan is the ability to access a lower interest rate than that of your existing debts. In addition to this, once your debts are consolidated you will have fewer annual fees to pay. As a result, you have the potential to save money on your repayments.
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Simplifying your finances
Combining these into one single repayment can reduce existing repayment schedules and help make it easier for you to track your expenses and manage your budget.
Having one consistent repayment can also help to ensure you don’t miss any repayments, incur any late fees, and assist in improving your credit rating.
How do I apply for a personal loan?
To apply for a Resolve Finance, personal loan click here and complete the form. Once your application is submitted, you will receive a response within 60 seconds with funds to be transferred within 24 hours of approval.
It is important to remember that debt consolidation through a personal loan doesn’t suit all circumstances. To understand if it is right you, chat to a Resolve Finance mortgage broker to understand your options and get prepared for the holiday season today!