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Australians collectively are paying interest on around $18 billion of expensive credit card debt.
With interest rates over 20% on some credit cards, it's no wonder a lot of people prioritise dealing with their credit card debt.
A loan for consolidating credit card debt is a popular option.
Here I’ll explain why, how it works and what you need to watch out for.
Credit card debt consolidation means you move the balance of one or more credit cards to a fixed-term personal loan with a lower interest rate and a set repayment schedule for clearing the debt.
The idea behind debt consolidation is to simplify your credit card debts and reduce how much you're paying in interest and fees, whether it's a personal or business credit card.
This then enables you to pay off the debt faster than if you were paying off multiple credit cards.
The other way to consolidate credit card debt is to use a balance transfer credit card.
Consolidating credit cards can be particularly beneficial, because:
All of this can make it easier, cheaper, or faster to repay your credit card debts.
One of the main benefits of credit card debt consolidation is that it brings structure to your debt.
Particularly if you have multiple credit cards, managing different repayments dates, balances and interest rates is not easy.
“People struggling financially usually do so where they have less planning or structure to managing their debts”, explained David Berry, Chief Executive Officer of Way Forward, a not for-profit-organisation that helps Australians with their debt.
“Credit cards and buy now, pay later are examples of unstructured debt.”
“Personal loans on the other hand have a fixed repayment and the balance can usually only go down. So when someone gets extra cash they find it easier to pay off a personal loan.”
If you’re consolidating credit card debt into a personal loan, these are the steps that are typically involved:
Of course, you’ll only get the benefits if you’re careful with choosing the right credit card consolidation loan.
If you’re ready to consolidate your credit card debt (or if you’re just curious to see how much you could save), you can get personalised debt consolidation quotes using the Money Matchmaker™ engine.
We’ll compare the best debt consolidation loans we can find from our available pool of lenders.
You'll see exactly how much you’ll repay, and how much you can save. It’s free, and there’s no obligation to apply.
Ready to compare debt consolidation loans?
Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.
GET STARTEDGET STARTEDIt’s important to remember that debt consolidation may not suit everyone.
Think carefully
about whether it makes sense for your situation.
If you have debt problems and need help from a finance professional, you can call the National Debt Helpline on 1800 007 007.
They will connect you with a financial counsellor who may be able to help.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.