A guide to debt consolidation

Debts can be a big worry for you and your family. If you want to get on top of your debts and stop losing sleep over them there are a few important steps to take.

Step 1 – Be thoroughly informed about your debts

You may find it helps to make a list that answers these questions:

• How much money do you owe on each debt and what do they all add up to?
• How much interest are you paying for each debt?
• How long have you got to pay them off?
• What are the extra fees and charges you’re paying because you have multiple debts? 
  
  

Step 2 – Consider the advantages of consolidation

You may now feel that turning your debts into one loan could be much more manageable and affordable for you.

One of the most popular ways to consolidate debts is to take out a personal loan. As they often have lower interest rates than credit cards, store cards and other lending schemes, you could pay off your debts sooner.

If you wish to further reduce your monthly commitments, you may be able to increase the time you have to pay off the loan compared to some of your current debts.

Find out more about the benefits of debt consolidation.

Step 3 – Select the loan to suit you

Once you’ve worked out how much you need to borrow to consolidate your debts, you can choose and customise a Commonwealth Bank personal loan to meet your needs.

Step 4 – Apply quickly and easily

• Do it now while you’re online
• Phone us on 13 1431
• Visit any Commonwealth Bank branch