Debt Consolidation and Repayment

Repaying your debt can be a hard task without the right advice. Debt Consolidation can involve assessing your current situation in terms of your current credit card, home loan or personal loan, and combining (refinancing) those debts in to a new lower interest loan to make it easier for you make repayments and pay down your debt.

GE Money Debt Consolidation

If you are struggling to manage paying off multiple debts from numerous providers then GE Money Debt Consolidation is a simple way to consolidate all your debts into one easy to manage loan. Apply now and start simplifying your finances today.

Features:

• Consolidate your credit cards, store cards, bills and other loans into just one easy to manage loan.
• Set a loan term that suits your budget and you could reduce your monthly outgoings.
• The repayment amount is fixed so it is easier to budget.
• Choose your own repayment frequency - weekly, fortnightly or monthly
• Fixed interest rate for the life of the loan.
• Make easy repayments using Direct Debit.
• No maximum loan amount (*subject to approval)
• Get approved within 24 hours of your application

Click here to find out more about this offer

As the average of the personal debt of each Australian has risen to $50,000 - twice the amount of a short five years ago - more and more people are struggling with debt consolidation and repayment. Yes, we certainly also do have more assets these days. But due to increased financial pressures most of us face, debt consolidation loans are being utilised at an all time high. Balance transfers also provide a valid means for credit card consolidation and are steadily increasing in popularity.

Overview of debt consolidation and repayments:

There are several ways with which you can consolidate your debts and we will look at them in this article. By understanding how debt consolidation works you will be able to make an informed decision about your financial future. First, let's look at.

Home Equity

Home equity is currently one of the most cost effective ways to pay back your existing debt. Provided you already have equity in your home, you could apply for an equity line rate loan which will draw money against your 'equity' (the portion of your home that has been paid off by you.)

Because of the all-time low interest rates we enjoy now, it is cheaper to draw money on a home loan than say with a credit card. Of course, you will need to factor in the time span here as well.

Debt consolidation loans

Debt consolidation loans are already very popular in the U.S. These loans are aimed at giving you the best deal to pay off several others loans, such as a student loan, a personal loan, or even credit card debt.

It is advisable to analyse your options thoroughly and always pay back more than necessary to reduce the debt much faster. Otherwise your debt will remain active for many years to come. Just by choosing the right product you can save thousands in the process. It certainly pays to shop around.

Credit card balance transfers

Credit card balance transfers allow you to choose a reduced interest rate credit card for a honeymoon period of between 6-months up to lifetime.

Just bear in mind that this is really only an option if you intend to pay off the card within the honeymoon period, otherwise you'll end up paying hefty interest rates which will increase your debt.

Debt consolidation and repayment with this method will require discipline from you.

Important tip ...

If you do look into debt consolidation and repayment then please remember that extra payments each month will help you to reduce your loan a lot faster. You'll save thousands of dollars in the process and come away debt-free a lot sooner.

We have written a number of articles covering the topic of Debt Consolidation and Repayment which will hopefully make your journey to becoming debt free faster and a lot easier:Debt Consolidation and Repayment

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• 6 Steps to Be Debt Free
  

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• How to Manage Your Credit Card Bill Payments
  

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• Credit Card Consolidation: Tips For Consolidating Credit Card Debt
  

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• Debt Problems: How To Deal With Debt Problems
  

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• Refinance Your Credit Card And Home Loan Mortgage For Debt Relief
  

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Editor's Choice: Our Top Credit Cards




Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0