​Debt consolidation involves bringing your existing debts together into one new loan. The objective is to reduce the number of individual payments you make and reduce the interest rate you are paying on your more expensive debts.

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This may be something to consider if you are:
• Managing multiple debt repayments and struggling to
keep track of what is due and when.
• Getting into a credit trap where all your spare income
is used to pay interest, but you don’t have enough left
over to reduce your debt balances.
• You’re paying a very high interest rate on your debts--
perhaps you have credit card or cash advance debts, or
store credit purchases.

One loan repayment is a lot easier to manage and more convenient than juggling several different repayments.