Consolidating your debt

By You and Money

Debt consolidation is when you take out one loan to cover all your existing repayments. If you have a number of debts with different interest rates, it may be a good idea to consolidate your debt.

Here are some of the benefits of consolidating debt.

  • All your debts are in the same spot, making repayments easier to manage.
  • You make just one repayment, usually at the end of the month.
  • You can save on the interest you pay by choosing a loan with a lower interest rate.
  • You save time, effort and paperwork.

Keep in mind that if you don’t do your research, you may pay even more interest and fees on your new loan. And if you’re tempted to borrow more, you might get further into debt.

Useful contacts

Consumer Affairs Victoria
www.consumer.vic.gov.au
Veda Advantage
www.mycreditfile.com.au

2 Responses to Consolidating your debt

  1. Carley Martin says:

    Hi, just wondering who i can get in contact with to consolidate all of my debts??

    • Your bank, credit union or financial advisor will be able to help you consider all your options in terms of consolidating your debts. If you are a Police Credit member, we’d be happy to discuss your options. Alternatively, we could arrange for a workplace visit or you could make a time to speak with someone at a branch. If you don’t bank with Police Credit, ask your financial institution for options to get you on the right track.

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