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Household debt in Australia has skyrocketed in the past 10 years, and with food and petrol prices on the rise, there seems to be little relief in sight.
Many people are turning to debt consolidation to help them take control of their finances, which can also increase cash flow for living expenses.
What is debt consolidation?
Debt consolidation is basically rolling multiple debts into one. Many people have multiple debts, which could include car loans, credit cards or retail financing arrangements. In fact, it's not uncommon to be paying off all kinds of debts at once, many of them with high interest rates.
Keeping tabs on repayments can become difficult, and if payments are missed, extra charges are usually incurred. In addition, it radically reduces the amount of money available to live on, and as living expenses continue to rise in Australia, the result is that many people feel like they are drowning in debt.
Rolling all debts into a lower or no interest personal loan has two major benefits. Firstly, it streamlines repayments, making it easier to manage finances. Secondly, as interest is reduced, it can put extra money in your pocket for living.
However, some caution has to be exercised when choosing a debt consolidation option. In some cases, people can end up paying more than before.
Anyone considering debt consolidation should be fully aware of any hidden fees and charges that may be incurred, and ensure that it is a long-term solution to their problem, not merely a quick fix.
Fox Symes
Companies such as Fox Symes help people avoid the possible pitfalls of debt consolidation. However, unlike many companies that offer solutions for debt consolidation by lending money, Fox Symes operates as an advisor for the best possible ways to consolidate debt, and uses their relationship with major lenders to help secure the best possible loans.
Established in 2000, Fox Symes is Australia's largest nationally based debt relief company. They offer a range of alternatives for debt relief, including insolvency arrangements, mortgage refinancing, and of course, debt consolidation.
Having access to a wealth of information on lending institutions, Fox Symes can advise about the best type of loan, whether it be a more flexible varied loan, which offers the option of higher repayments in good months, or fixed rate loans.