Rising Interest Rates Got You Down? Try Debt Consolidation

The current economic climate in Australia has left many families feeling uncertain and financially stressed due to rising interest rates. To manage repayments better, many families may need to reconsider their home and other loans. At Parrington Finance, we have a team of expert mortgage brokers with extensive experience in handling debt consolidation in Adelaide. Read on to learn more about how a debt consolidation loan may help to relieve some of your financial burden. 

What is debt consolidation? 

Debt consolidation is the process of combining multiple debts, such as credit card balances, personal or home loans, and other outstanding debts, into one new loan. This new loan typically has a lower interest rate and a longer repayment term, making it easier to manage your debts and reduce your overall interest charges. By consolidating your debts, you can simplify your finances into one loan, with one interest rate and make it easier to keep track of your monthly repayments.

When would I need to consider debt consolidation? 

If most of your spare income goes towards paying interest on debts, a debt consolidation loan in Adelaide can be an effective solution. By consolidating all your debts into a single manageable loan, you can potentially save thousands of dollars on interest payments over the loan’s term and pay off your outstanding debt even faster.

Our team of experienced mortgage brokers in Moana, Adelaide and surrounding suburbs can assist you in assessing your current dept position and find the best consolidation options that align with your financial objectives.

What is your debt consolidation process?

When handling your finances, you need a mortgage broker that you whole-heartedly trust. At Parrington Finance, we prioritise building secure and positive relationships with our clients, by putting your needs first and guiding you every step of the way through what can be a daunting process.

Here’s an insight into the Parrington Finance debt consolidation process:

1. Consultation: We first assess your current financial situation, discuss your financial goals and determine if debt consolidation is the right solution for you.
2. Review of debts: We review all of your debts, including credit cards and personal loans, to determine the total amount you owe and the interest rates on each debt.
3. Product options: We shop for the most competitive loan options from our independent network of lenders.
4. Applying for the loan: Once you have chosen the best loan option, we assist you in completing your application.
5. Paying off debts: We work with your lender on paying off your existing debts, usually by sending the loan proceeds to the creditors on your behalf.
6. Ongoing support: We’re always here for you, well after your loan is closed.

How can I get started? 

The first step is to book a debt consolidation appointment with our team of expert mortgage brokers in Adelaide. We’ll get to know you and conduct a home-loan health check to first understand your current financial situation before advising you of the most appropriate next steps. 

Start taking control of your financial future, book a consultation with our debt consolidation team in Adelaide today.