If you’re struggling with multiple debts, a debt consolidation loan could help make your repayments more manageable.
If you’re struggling with multiple debts, a debt consolidation loan could help make your repayments more manageable.
Keeping on top of debt from multiple lenders can be overwhelming. It's easy to lose track, and high interest rates can make the debt hard to repay.
A debt consolidation loan essentially combines the value of your current debts into one repayable loan. You can pay off your combined debt with a single monthly payment.
A consolidation loan charges interest, but it can sometimes work out cheaper than paying off the interest on multiple debts.
Debt consolidation is a service designed for people struggling to manage their debt, and shouldn’t be used as the first course of action.
You should know that taking out a debt consolidation loan means taking on new debt. It’s important to understand the risks of defaulting. A Trulife adviser can help you understand each policy's terms and conditions.
In some cases, the interest on a debt consolidation loan can be higher than your existing debt or may take longer to repay. If that’s true for you, then debt consolidation is probably not the right option.
You'll need to consider:
While Trulife can’t help you decide if taking out a debt consolidation loan is the right choice for you, we can lay out all the information about your available options. That way, you can make an informed decision.
We’ll offer support with:
Explaining the terms and conditions of debt consolidation loans
Finding loans with low levels of interest
Any questions you have about the process
If you’re thinking of taking out a debt consolidation, talk to Trulife. We’ll quickly connect you with a member of the team and give you guidance on all things debt consolidation.
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