Consolidating debt information
Debt consolidation loans allow borrowers to roll multiple old debts into a single new one, ideally at a lower interest rate.Compare loans for debt consolidation and learn about your options for consolidating debt.At Westpac, we offer three ways to consolidate debt: A personal loan can be a good option to consolidate a range of debts.The main benefit of a personal loan is that it has a fixed term.However, when your debt gets out of hand and you find yourself juggling multiple cards and loans, it can be exhausting. Debt consolidation could help you to combine your outstanding debts into one convenient loan potentially at a lower rate than you currently pay.
You’ll also have to avoid the temptation of making further charges during that time. Fixed payments ensure that you’ll pay off debt on a set schedule.You can use our Budget Planner to work out how much you can realistically afford to repay each month.Step 3: Explore debt consolidation options Now that you know where you stand - how much debt you owe and how much you can put towards your repayments - it’s time to set up a plan to clear it.Learn about the best nonprofit credit and debt consolidation programs that can help you consolidate your bill payments and become debt free.Get free debt consolidation help, online, or over the phone.