Debt Consolidation in Mackay | All Finanz & Insurance Solutions Mackay

Debt Consolidation

When you’re serious about taking charge of your finances, talk to the team at All Finanz & Insurance Solutions Mackay. We’ll help you decide whether a debt consolidation loan is right for you.

A debt consolidation loan bundles all your small debts, such as overdue bills, credit card debts and personal loans into one, giving you one single repayment at a better interest rate. This means your debts are all under control and you have one predictable monthly repayment, allowing you to work on bringing your finances back into the black.

We take the time to get to know you and discuss what your goals are, now and into the future. Our brokers then source the best products from banks and financial institutions around Australia. We’re here in Mackay to talk about a full range of finance products including, refinancing, commercial loans, asset finance and more.

At All Finanz & Insurance Solutions Mackay, we’ll show you ways debt consolidation loans can be used to help manage your finances. For example:

Reduce repayment amount: You might choose a loan to run over a longer term to reduce your repayment amount. This has the advantage of preserving your cash flow, but the disadvantage of potentially paying more interest over the life of the loan.
Reducing debt quicker: Having one single loan to pay gives you an end date to work towards. These personal loans are flexible and can include the opportunity to add extra repayments.
Improve your credit rating: Using a consolidation loan to eliminate existing debts and demonstrate regular repayments will help fix your credit rating over time, especially when it is accompanied by effective personal budgeting.

If you would like to know more about how debt consolidation loans work, call us today on (07) 4953 1250. We serve clients throughout Mackay as well as up to Bowen and the Whitsundays.

Frequently Asked Questions

What kind of debt can be consolidated?

You can consolidate a range of debts including personal loans, credit cards, store cards, payday loans and more. This can be a great way to save money on interest and get debt-free faster.

When you consolidate debt, you may be able to get a lower interest rate than what you're currently paying. This can help you pay off your debt faster and reduce the total amount of interest you'll pay over the life of your debt.
Does a debt consolidation loan affect my credit rating?

Your credit rating reflects your creditworthiness–that is, how likely you are to repay a debt. A debt consolidation loan may affect your credit rating in a couple of ways.

First, if you consolidate debt with a new loan, this will be reflected as an additional account on your credit report. Second, if you use a debt consolidation loan to pay off existing debt, this may be reported as a partial or full payoff on your credit report.

Either way, debt consolidation can affect your credit rating. If you're considering this step, it's important to talk to a financial advisor to see if it's the right move for you.
Can I use a low-interest credit card to consolidate debts?

While it is possible to use a low-interest credit card this way, it does come with risks—especially if you do not pay off the balance transfer before the interest-free period is over.

If you struggle to make monthly repayments on multiple bills and credit cards, a debt consolidation loan can help by providing a single monthly repayment that is typically lower than all your current payments combined.

It is important to consider all your options before deciding on how to reduce your debt.
How do I make debt consolidation work for me?
Debt consolidation can be a great way to manage your debt and get back on track financially. However, it's important to make sure that you're doing it in a way that will work for you. Here are a few tips to get you started:
1. Make a budget. This will help you see where you can cut back on expenses and make debt payments more manageable.
2. Shop around for the best debt consolidation loan. It's important to compare rates and terms to find the one that's right for you.
3. Create a debt repayment plan. Make regular, on-time payments to help pay off your debt more quickly and improve your credit score.