Do you have too much personal debt? Are you paying off too many high-interest credit cards or store cards? Are you having trouble paying them all? You may benefit from a personal loan for the purpose of debt consolidation. At Smartline Rockingham, we can help you choose from the credit products of 28 different lenders.

But first, you need to make sure a personal loan for debt consolidation is right for you. Here are some things to consider.

Will You Profit From This Loan?

It sounds complicated but it’s not. The easiest way to figure out if a debt consolidation loan will work for you is to add up all of your payments. Then have us work up a personal loan. Sometimes the fees and interest of a personal loan don’t end up saving you much money at all. But they can save you a lot, depending upon the situation.

Can You Refinance Your Home Loan?

If you have equity in your home, you can refinance your home loan and use the extra money to pay off your debts. This is effectively “transferring” your debt to your home loan, which has much lower interest because your home is held as collateral. This can be a great solution for many.

However, too many people transfer their personal debt into their refinanced home loans and then get into more debt again. Don’t let this happen to you.

If You Decide to Obtain a Personal Loan

It’s easy to look at a personal debt consolidation loan and just compare the repayments with the amount you are paying on your current debts. But there are other factors in a personal loan that make a difference.

You have to consider the interest rate, the fees and the loan costs. Also, a longer term loan means you are paying more money over the term of the loan. You also need to make sure you are allowed to make extra repayments without penalty.

Always Use a Trusted Loan Broker

It is important to use a trusted loan broker. At Smartline Rockingham, we have been a trusted name since 1999. To learn more, call us today: (08) 9527 1800.