Moving your credit card balance to a lower interest rate personal loan can save you money, and offer a fixed payment schedule that makes it even easier to budget.
You may be charged an early exit fee from your current loans depending on your loan provider and loan terms. SocietyOne does not charge any exit fees or early repayment fees meaning you can pay off your loan early without any penalty.
Save on fees with one consolidated loan and have one regular repayment date.
Government duties and taxes may apply if you are using your home loan to consolidate your debts.
Having a single repayment date makes it less likely that you’ll miss a repayment. Overdue payments typically lead to a default, resulting in your credit score decreasing along with additional fees.
A single payment makes it easier to budget and making life simpler. You’ll spend less time doing maths and more time putting careful consideration into your monthly budgets.
Are you worried every time the phone rings? Consolidating your debts will stop debt collection agencies harassing you.
You may be able to avoid bankruptcy and avoid defaulting on your current debt by consolidating your debts into one personal loan, stopping your debt from spiralling further out of control.
Between now and your debt settlement date, create some easy savings goals with quarterly checkpoints.