WHAT DOES DEBT CONSOLATION MEAN?
Most people have more than one debt, all at different rates and all being repaid at different times of the month. At times these loans can be hard to track which may cause problems in repayments. If you have various debts such as credit cards, personal loans, car loans or other various debts it may be possible to use the equity in your home to consolidate all your debts into one debt and one payment. When your new loan settles the released equity will then be used to repay outstanding credit cards, personal loan, car loan and other debts This will reduce your monthly repayments as all your debt will now be at your home loan interest rate and spread out over a longer period of time. Please visit our debt consolidation page for an example.
