Debt consolidation is a process of combining multiple debts into one single loan with a lower interest rate and a longer repayment term. It can help you simplify your finances, reduce your monthly payments, and save money on interest charges. However, debt consolidation is not a magic solution for your debt problems.

You still need to pay off your debt, and you may end up paying more in the long run if you extend your loan term too much. Therefore, before you decide to consolidate your debt, you need to plan, we can help you with that.

Who Should Consolidate Debt?

If you are in all or any of the following situations, you need to consolidate your debt:

•    Poor Spending Habits: You are spending more than your income.
•    Credit Card Issues: Your credit card balance is growing, you have multiple credit cards and all of them are close to end of their limits.
•    High Interest rates – if you are paying interest rates that are higher than 18% pa.
•    Minimum Payments – if you are able to make only minimum payments on you credit cards, you not paying you debt.