The best way to figure this out is to discuss it with a professional debt advisor, such as those at the  Get Debt Free. If you want to learn a little more about these types of loans please read on. This article should get you feeling a little more confident in knowing whether or not a debt consolidation loan is right for you.

If you have been reading the other sections of this site, you should already have a pretty good understanding of what a debt consolidation loan  is. Just in case you haven’t see that article, a debt consolidation loan is a one that you take out to repay several other debts. The idea is that it makes it easier for you to keep a track of your repayments and it may also help you save a little on interest and account keeping fees.

Is it right for you?

Ultimately, the answer to this question is going to depend largely on your particular circumstances. If you have lots of different debts (like credit cards) and you are struggling to keep track of the repayments, a debt consolidation loan might be worth considering.

One of the things we always hear from our clients is that they get discouraged when they open their bills every month and see that the amount they owe never seems to reduce. This feeling of treading water, which can be caused by things such as late payment fees or penalty interest, only adds to the stress that someone in debt feels. With a debt consolidation loan, you might be able to see better progress, due to the fact that you are making one larger repayment that is easier to keep a track of. This can help keep you motivated and is less stressful than seeing many debit balances that never seem to go down.

If you still have any questions, or would like to talk to someone who has lots of experience working with people are in debt, then we can help you work out if a debt consolidation loan is the right option for you. Our free advice line is contactable on 1800 98 10 70.

Repaying only the minimum monthly amount required will take years to repay the debt. We recommend that you repay as much as you can afford every month and you will save a small fortune in interest and you will become Debt Free much sooner!

Stop using the cards

It might sound obvious, but continuing to use your credit cards just puts the moment that you will become debt free further away. If you need to make a purchase, wait until you can afford to pay for it with cash.We strongly recommend that you stop using your credit card and apply for a debit card.  With a debit card you can only spend the credit that you place on the card. Many banks now offer debit cards and are becoming very popular.

Consolidate your debts

If you have more than one credit card balance, chances are you might be finding it difficult to keep track of all of your repayments. Missing a repayment can mean late fees and some credit cards may even impose a penalty rate of interest. 

By Consolidating your credit cards you can take advantage of two things:

• You can reduce the number of individual repayments to be made each month. This makes it easier from a practical point of view in that you only have to make one payment per month.
• If you qualify for a consolidation loan or a credit card balance transfer you may also be offered a low introductory interest rate.

Still unsure about credit card debt?

If your credit card debts are no longer affordable, you may need to consider other options.  Please call today and consult with our personal debt advisors.

At get debt free we can help you work out an affordable budget to help solve your debt problems. To speak to one of our advisors call our tol free line on 1800 80 10 70

• The term personally insolvent, is just another way of saying somebody is unable to repay their debts.

• A Personal Insolvency Agreement, is a legal agreement entered into with creditors under the Australian Bankruptcy Act.

It is important to understand the distinction between these two terms.  In fact somebody needs to be personally insolvent before they can enter into a Personal Insolvency Agreement.

Personal Insolvency

The term personal insolvency describes someone who has reached a point where they can no longer pay off their debts. Because insolvency is a general term that is also used in the corporate field, it can often cause confusion for individuals. If you feel you can no longer pay your bills, then you may be personally insolvent and in need of some personal debt advice. Our personal debt advisors can help you find a solution to your debt problems.

Personal Insolvency Agreement

A Personal Insolvency Agreement is a legally binding agreement that people can put in place to avoid formal bankruptcy (link to). The terms of a Personal Insolvency Agreement are less onerous than personal bankruptcy, which makes it more attractive for people who are looking for a sustainable debt solution.

The best thing to do, if you are considering a PIA, is to speak with our personal debt advisors who can advise you on the suitability of such an agreement. Our Personal Insolvency Agreements are always tailored to suit individual situations.

You can learn more about Personal Insolvency Agreements on our website, or by calling our toll free advice line – 1800 98 10 70

Overspending is part of the problem.  In our credit driven consumerist society it is all too easy to just swipe away our financial problems with a credit card, and purchase whatever we please. However, we’re just compounding the financial problems we’ll have to face later. Lots of people need credit card help because of this financial mismanagement.  If you’re in this situation then you shouldn’t be embarrassed. Everyone knows how easy it is to get into problems where you need credit card help, and when you’re young and carefree it can be difficult to manage your money.

If this situation sounds like you, why not get in touch with us. We’ve helped many people get back on top of their credit card debt.

Lots of us who need credit card help don’t have a money management problem. We’ve just gotten into a bad situation because of an emergency or another situation where we’ve been required to quickly borrow money at a high interest rate. Life is unpredictable, and there are many situations that pop out of nowhere. It’s impossible to budget for every eventuality. Lots of people have credit cards for emergencies, and most of the time they end up using them. Life has more emergencies than we ever imagine.

Having a family is also incredibly expensive, and you never know when your kids are going to cost you money. At least with yourself you can make some kind of budget, and most of the time you can see into the future. It’s not the same with kids. Unexpected costs come up all the time, and that’s in addition to the ones you know about. When you have a family it’s just incredibly easy to get into a situation where you need credit card help.

So when you do need credit card help, where can you turn? Well, one solution is to investigate credit card consolidation. It’s a process where you can take all your credit card debt and turn it into one easily manageable monthly repayment. Instead of paying huge interest rates and payments to lots of different companies every month, you just send one payment to one company. It’s specially calculated so you never spend more than you can afford, and it could give you your life back. If you need credit card help, then credit card consolidation is a great solution.

If you have one or multiple credit cards with outstanding debt and find it difficult to meet the monthly repayments you may want to consolidate credit card debt and save yourself time and money.

What is debt?

Debt plays an important part in our lives. It helps us build value through acquisition of assets. Unfortunately, debt can also be be detrimental if it mounts up without providing that value. Most commonly, this happens with credit cards.

Unfortunately, we are not always provided with the proper knowledge on how a credit system works, and using credit instead of our own money to make purchases can be an enticing option at the best of times.

The truth is many Australians have one or more credit cards with debt outstanding, often ranging in the thousands. Purchases made with the bank’s money need to be paid off before the interest free date expires, and in many cases, they are not.

Does this sound like you?

It’s not just the frustration of losing money to the banks, but also having to shift money from one card to the next just to stay above water. Though this might seem a good long term solution, it won’t hold weight in the long term. What you need is debt consolidation.

Merging your credit card debt allows you to streamline your debt repayments into a simplified process. While consolidating your debt won’t remove it, there are a number of benefits.

Lower rates and repayments

By securing a lower interest rate on the one loan, not only are your repayments focused on a single debt, but you’ll be paying off a lower amount and can be debt free much much sooner. The savings from the consolidation can also be used to bolster your repayments, meaning you’ll be debt free all the sooner.

In some cases it may be that your credit cards already have a low interest rate, and consolidating may not benefit the total sum by a great deal. However it is still worth considering. If you combine your credit card debt into a single loan repayment the time saved from only having to manage one repayment is invaluable.  Also, let’s not forget that your credit card debt is reduced to zero, making those cards available for purchase should you need them. Be careful not to fall into the same trap again. Just because your credit cards have been repaid through consolidation doesn’t mean you should go spending what you don’t have. If you still find it difficult to budget your credit payments so that you are not incurring debt consider switching to a debit card. They offer similar benefits but only let you spend the money you have.

If you would like to experience the relief of consolidating your credit card debt into one easy to manage repayment, then give us a call, or request a debt assessment. Our trained advisers can help yo choose a plan that is right for you, and will help you get debt free!

But if you are having issues with your credit card debt repayment, speak to us and our friendly staff will help you. Don’t let yourself get into bankruptcy. Seek professional advice by contacting us today.

This purely indicate that applying credit card only to get reward points cannot be used as the main reason you are getting one. You ended up spend and more spending. As a result, the debt is much more than the rewards you’ll get.

if you have large debts from any credit cards including Qantas Frequent Flyer credit cards, speak to one of our staff. We will assess you situation and find the best solution to be debt free.

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The idea here is to control your money spent. No matter how much you have, it will help you feel more secure and content. You will be surprise how much you could saved by the end of every year. Every dollar counts!

If you still having issues with paying off your credit card debt, speak to us and our staff will help you with some options. Find out today whether bankruptcy is the best option for you.

Also find out about VISA or MASTERCARD Debit Card that can be linked with your personal bank account. Those are the perfect alternative to replace your credit cards. You can still do transaction online and worldwide as normal credit cards. You will not worry about late payment fees & interest charges anymore, because you are spending your own money.

If you are having difficulties paying off your credit card debt, speak to us now and our staff will try to find debt solutions. Find out that bankruptcy maybe not the best option for you.