Consolidating debt one credit card
Consolidating debt one credit card - linksys stuck on validating identity
But the option we want to discuss here is paying off debt.
Which strategy will ultimately be the best choice for you depends on your own circumstances, and we can’t tell you what to do.
At Westpac, we offer three ways to consolidate debt: A personal loan can be a good option to consolidate a range of debts.
The main benefit of a personal loan is that it has a fixed term.
However, when your debt gets out of hand and you find yourself juggling multiple cards and loans, it can be exhausting. Debt consolidation could help you to combine your outstanding debts into one convenient loan potentially at a lower rate than you currently pay.
If this sounds familiar, there are actions you can take to rein in your debt and pay it off sooner. Simply put, that’s one loan, one regular repayment, one interest rate and one set of loan fees.
That means repayments are calculated so that at the end of the loan period your debt is cleared.
By combining multiple debts into one easy to manage personal loan you can potentially: Read more about our personal loans.You can use our Budget Planner to work out how much you can realistically afford to repay each month.Step 3: Explore debt consolidation options Now that you know where you stand - how much debt you owe and how much you can put towards your repayments - it’s time to set up a plan to clear it.This is generally the best option for consolidating credit card debt.By transferring multiple balances from non-Westpac credit cards or store cards into one low rate credit card you can potentially: This option requires good discipline as there is no set repayment amount.See au for useful information on managing your debts.