Debt can creep up on you. For some of us, debt build up when we’re young and a bit less organised with our money. Or sometimes it’s just a combination of a busy lifestyle, losing track of credit cards, store cards, interest free finance and other small debts. Before you know it, lots of little debt repayments add up to a big chunk out of your pay packet – and the interest is a killer.
Debt consolidation is about bundling your debts into one loan. It makes life easier with one simple repayment, and if you do it right, reduces the interest you’re paying (and building up) and gets rid of your debt sooner.
Before you talk to the bank about consolidating your debt, understand what you're dealing with. Work through all your debts and add up how much you owe, how much you’re paying off per month, and how much of that is interest. It might be stressful to see the total, but it’s better to know and work on a plan to get out from under financial stress.
As you work through your debts:
TIP: Don’t be tempted by a quick payday loan because you don’t want your bank knowing about your debts. You’re much better off dealing with your bank than risking spiraling into even worse debt with outrageous interest rates.
A debt consolidation loan is usually a personal loan that rolls all your debts into one, so you have one repayment to make, usually at a lower interest rate than credit card rates.
Your checklist to choose the debt consolidation loan to suit you:
If you take a long look at your debts and can’t see a way out, financial counselling may help. Call Financial Counselling Australia on 1800 007 007 for free financial help.
We want you to take back control of your money. If a debt consolidation loan sounds like the right solution for you, talk to QBANK about our competitive interest rates and easy payment options. Call 13 77 28.
At QBANK, we are pleased to share good news that may benefit our members, such as the announcement of the $25,000 HomeBuilder Grant, a great opportunity that could not only help you out, but also Australia's economy following the slowdown of recent months.
We are all looking for convenient ways to live our lives and complete our daily tasks from the comfort of our own home. Download the QBANK App today for 24 hour access to your accounts. The QBANK App allows you the freedom to bank on your terms anywhere, anytime.
QBANK encourages members to stay alert for COVID-19 scams as scammers take advantage of the current situation, people’s movements, moods and personal needs.