Sometimes debts can get out of control and debt consolidation is the only solution. Obtaining a home loan or home equity loan enables a customer to use the equity in their current property to provide backing for further borrowings.

Your credit rating can be improved by organising debt consolidation, so car loans, credit card debts or personal loans are incorporated as one loan and one repayment. Metro Loans endeavour to offer solutions for customers who have found it difficult accessing a debt consolidation loan, home loans or car loan through a bank.

Debt consolidation is a recommended way of reducing the total repayments needed for car loans, personal loans and credit cards, which may have escalating interest rates and late fees. Bad credit ratings are usually caused by customers paying high interest rates on outstanding balances for a number of loans.

In addition to the difficulty in managing a large number of debts, once a loan or credit card falls into arrears there is penalty interest and late fees which add to the debt burden.

And if you are paying debts by direct debit and a payment dishonours, then you get charged via your bank account and your loan.

Have a look at the following example of a couple we helped with a debt consolidation loan:

Before

After

That's a saving of $293 per week which is very significant. Now your debt situation may not be the same as this one but you can still reduce your payments and give yourself extra cash in the pocket by consolidating your debts. [go to repayment calculator]