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Published on Dec 12, 2012
Been thinking about a debt consolidation loan but not sure how it works? Debt consolidation works by taking out a loan to pay out all of your current debts. You are then left with one loan to repay and one regular payment to manage. There are many advantages to doing this. Having only one repayment to manage often significantly reduces the amount of stress that people experience. It also makes it much easier to budget and plan your monthly expenses. The interest rates for such loans are usually much lower than your typical store card or credit card and because you would only have the one account you would be paying less in fees. So you might be able to repay your debts faster than if you had multiple accounts, each with their own set of fees and interest rates. If you are not sure if a debt consolidation loan is right for you, or if you have been refused a debt consolidation loan then give us a call on 1800 98 10 70. We will be able to explain your options.