Do you have multiple credit cards, personal loans and car loans and it is a struggle each month to make the repayments? Or do you feel like you are making no progress in paying them off? You are not alone. According to the Australian Bureau of Statistics, as of 2015-16 the average household debt in Australia, including mortgages, was $149,600 and growing at an ever-increasing rate.
It is very difficult to pay down significant credit card debt when you are sometimes paying upwards of 20% p.a. in interest on it. If you just make the minimum repayment each month you will almost never pay it off!
Consolidating all your personal debt into one loan will make the management of your debt much simpler and will reduce the overall repayment you need to make each month. Imagine what you could do with hundreds or thousands of dollars extra in your pocket each month.
If you own a home you could potentially pay home loan interest rates on the debt instead of high credit card interest rates.