Debt consolidation

Manage your debts and secure your finances

Reventon can help you consolidate your existing debts into one repayment, to ease the stress of multiple bills and save you money on your payments.

What is debt consolidation?

 

Debt consolidation is a financial strategy that merges all of your existing debts into one single debt. This is then paid off through one manageable payment, leaving you with a simple path towards clearing your debt.

 

Remember – there is healthy debt and unhealthy debt. By keeping up-to-date with debt management, you can ensure that you’re getting the best deal that suits your financial situation.

Why consolidate your debts?

 

Plenty of people find themselves borrowing money at some point in their life, whether it is a home loan, credit card debt, or business debt. Clearing your debt through consolidation can help in a number of ways.

Alleviate the stress of multiple bills

Reduce the interest on your debts

Clear your debt faster and smarter

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We can provide advice to build your wealth and secure your financial future.

Types of debt consolidation loans

 

Combining your debts through a loan is one of the most popular methods of debt consolidation. It can be especially beneficial if you have high-interest debts. There are a few options on the market.

Personal loan

A personal loan can offer an excellent means of debt consolidation as payments are fixed and run for a fixed period of time. Getting approved for a loan and the interest rate you receive will depend on your credit rating, but there are a range of products on the market for a range of people and circumstances. Speaking to a financial expert can help you determine whether this method would reduce your overall monthly payments.

Debt consolidation loan

A debt consolidation loan does exactly what it says. They are offered by banks and credit unions and are specifically designed to combine your debts. Generally they will have lower interest rates, but you may be required to extend your current repayment period to keep up with your payments each month. This could have repercussions on the interest you’ll pay, so you should get advice to get the full picture.

Home equity loan

If you own your own property, you can apply for a home equity loan, which is taken out using equity in your home as collateral. Interest rates are generally lower than other kinds of loans, but remember that your home may be at risk if you do not keep up with repayments. You should get professional financial advice before considering this route.

Credit card balance transfers

This method of debt consolidation involves transferring your credit card balances onto a single credit card. You’ll be able to take advantage of credit card deals that offer low balance transfer interest rates, lowering your overall payments. Usually these rates expire after an initial period, so you ensure that you’re aware when your rate expires. You should also get advice about how this could affect your credit rating.

Debt consolidation with a credit card

 

If you do not wish to consolidate your debts through a loan, you might consider a credit card balance transfer. However, this should be approached with caution.

 

This method of debt consolidation involves transferring your credit card balances onto a single credit card. You’ll be able to take advantage of credit card deals that offer low balance transfer interest rates, lowering your overall payments. Usually these rates expire after an initial period, so you ensure that you’re aware of this deadline as rates can be high once the initial period ends.

 

You should also seek advice about how taking out another credit card could affect your credit rating – it might lower your score (but if you make your repayments on time, it will recover).

Consolidate your debts with Reventon

 

If you have a number of debts and you’re looking to consolidate them, the first step is to speak to an expert about the way forward. Without proper planning, you could increase your debt or even lose your home.

 

At Reventon, our team is trained to look at your debts and help you determine which route is best for you. A good debt consolidation strategy can mean you will clear your debt faster and with less interest payments, saving you money in the long run. 

 

Make the best debt consolidation plan for you, book a meeting with a financial expert.

Take the next steps. Meet with a specialist today.

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