Personal loans, car loans, credit cards and store cards? If you find your mailbox full each month with multiple repayment reminders – it might be time to make some important decisions about the overall management of your debt.

Debt consolidation – how does it work?

Consolidating your debt into one manageable loan can be a smart way to not only get your finances in order and save money, but also to reduce the amount of paperwork you deal with on a monthly basis.

A QSCU personal loan for debt consolidation is where multiple loans and debts, such as store cards, credit cards and other personal loans are replaced with a single personal loan.

Debt consolidation does however, take a degree of discipline and while in the end you are usually better off to consolidate, it is important to bear in mind the following:

Pros

• reduced interest rates – this will allow you to save money
• lower monthly payments – this can help you to manage your finances more effectively
• one payment – potentially lower fees with only one loan instead of several, and less paperwork

Cons

• you can get into further debt – be sure to set yourself a payment level each month and stick to it 
• time to pay off debt – without making extra payments, it can take longer to pay off your debt

More Information

• Review our interest rates and fees
• Learn about our Insurance Products
• Want to know how much you could borrow? Use our Loan Calculator 
• Need answers? Check out our FAQs 

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Questions?