Debt Consolidation Loans

You can combine all your debts into one debt consolidation loan that allows you to make one repayment a month towards paying back the total amount that you owe. The monthly payment you will make is often less than all the previous repayments combined, and at a lower rate of interest compared to what you were paying previously.

Debt consolidation loans that are secured against your property are the easiest to get approved for. However you also put your home at risk should you fail to keep up with your payments. Unsecured loans are also an option, and are processed faster; however these are usually charged higher interest rates and require a better credit rating for approval (compared to the credit rating required for a homeowner debt consolidation loan).