Debt consolidation loans
Get on top of your repayments
If you’re struggling to meet different loan repayments each month, or you’d simply like to merge all your payments into one cheaper bundle, then a single debt consolidation loan could be for you. However, there are a number of factors to consider before taking this step, so talk to your professional ITP Home Loans advisor today.


Carefully assess your present financial situation
Your ITP broker will help you go through your finances and debt situation and work out whether you should consolidate your debt. Here are some important factors:
- What’s the whole amount you owe, and how much is each individual debt?
- What’s the interest on each of these debts?
- What’s the length of time you have to pay each one off?
- How much extra in charges and fees are you currently paying because you have a number of debts?
Consolidating debt – the advantages
One of the most popular ways to consolidate your debt into one monthly repayment is to take out a personal loan. This could be far more affordable and convenient for you because:
- The interest rate and fees on a personal loan are generally lower than credit and other cards
- You’ll only have to make one repayment, cutting down time and stress, and helping you end late payment fees
- It puts you into a proper repayment plan of your debt. With store and credit cards you’ll be tempted to only pay off a small amount each month. This, of course, will end up costing you more interest and take a lot longer to repay it all
- You’ll get far greater flexibility. You can choose:
- The length of your loan, and therefore the amount of your monthly repayments
- Whether your loan has a fixed or variable interest rate. If fixed, you’ll have a set, predictable payment every month. If variable, you won’t be charged for making extra repayments, so you can pay off your loan quicker
- Over time your regular, easier repayments may well help to raise your credit rating
