Debt consolidation – we can help you find a way forward

Living with high levels of personal debt can be financially and emotionally draining. So it’s important to meet with John Vodanovic from Mortgage Choice in Fremantle to look at ways to get back on track with money management, regain control of your cash and become (and stay) debt-free.

Part of the challenge of dealing with unmanageable debt is the need to make multiple repayments to a variety of different lenders. That’s where debt consolidation can help. It works by folding a number of different debts into a single loan.

Your home loan is often a good choice for debt consolidation as it usually comes with the lowest rate of all types of credit. The downside is that you may be transferring a short term debt (like a credit card balance) into a long term loan (your home loan). Paying a bit more off your loan each month is a sensible step to minimise overall interest charges.

If you’re not a home owner, a personal loan can be a good choice to consolidate debt. The term is fixed so you have a clear end date, and the set repayments are easier to budget for.

Bryan McGuinness and Glen Usher, our Mortgage Choice Financial Advisers, can recommend the best strategy to consolidate debts for your situation and then work with John Vodanovic, our Mortgage Choice broker to action the strategy you have selected.

With your debt streamlined into a single loan, you can start to focus on making a single monthly payment, which can be far less stressful than juggling a number of repayments.

Get in contact with the local experts at Mortgage Choice in Fremantle to discuss your debt consolidation options today!