Why consider debt consolidation?

Debt consolidation is where you roll multiple debts, such as personal loans, car loans and credit cards, into one account. This can help simplify repayments as it will only be one rather than multiple. It could also potentially save you money if the consolidated debt is a lower interest rate than when the debts were separate.

There are a number of ways you could consider consolidating debt. These include combining into one personal loan or adding it to your home loan.

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Key considerations before consolidating debt

Consolidating debt could be beneficial for many people, however there are a number of factors that need careful consideration before choosing to do so. The main questions to ask include:

  • Are there any fees for paying any of the debts off early?

  • Are there any application, legal or valuation fees or changes to the stamp duty costs?

  • Are you comfortable with the security? For example, if rolling unsecured personal loans or credit cards into your home loan, your home is used as security.

  • Will the new debt have a longer loan term, which could mean paying more interest over time?

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