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  1. #1
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    Default Debt consolidation

    We have a huge personal loan and two maxed out cc's and we struggle to make the monthly repayments let alone get ahead. We desperately need to consolidate our debt.
    Has anyone been in this situation and found help? Any suggestions?

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    My budget are supposed to be quite good. Look on the government money advise website (sorry can't remember the address) that also has good information. Xx


    Age 20, engaged, mummy to 3yo DS and TTC his sibling! Living life backwards

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    I deal with this at work all the time. I send my clients to a financial planner or a debt specialist. They are lifesavers.

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    My budget charge a fee per week I think around $30(?) so depends if you wanna pay that or not. Your bank should offer a consolidation loan if you approach them?

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    I have been. I ended up getting a second job and working my **** off for a couple of years until it was all paid off and I'd acquired some savings.
    I relise this isn't ideal and wouldn't work for everyone though.
    Maybe seeing a financial advisor would be best?

    Sent from my GT-I9505 using The Bub Hub mobile app

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    We consolidated all our debts and found it much easier. The interest overall is lower so we actually saved on interest as one of the loans was high interest and we would pay it off sooner as we have extra dollars, chose a shorter term and used our car as collateral... We went through queen slanders credit union.... They are amazing!

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    I was going to suggest a credit union or other smaller type of bank rather than one of the Big 4. I know friends of mine refinanced through a credit union in Vic and basically rolled about 30k of debt into one debt and they found it much less stressful and much easier to manage than having numerous debts to pay off. Good luck.

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    Thanks everyone I will be looking into it tomorrow. We looked at my budget but it's not what we need, we need to consolidate so we just have one payment per fortnight minus three lots of interest. We both work and earn decent money but we aren't getting anywhere

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    Quote Originally Posted by ozeymumof5 View Post
    Thanks everyone I will be looking into it tomorrow. We looked at my budget but it's not what we need, we need to consolidate so we just have one payment per fortnight minus three lots of interest. We both work and earn decent money but we aren't getting anywhere
    Good luck ozeymum

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    Quote Originally Posted by ozeymumof5 View Post
    Thanks everyone I will be looking into it tomorrow. We looked at my budget but it's not what we need, we need to consolidate so we just have one payment per fortnight minus three lots of interest. We both work and earn decent money but we aren't getting anywhere
    Also infochoice.com,au can display all loans that u can use for debt consolidation and their interest rates and if they need security or not just to make it easier


 

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