Consolodating credit card debt
Consolidating your finances on the one business credit card could save you the cost (and trouble) of maintaining several accounts.Simply transfer the balances of any non-Westpac business credit, charge or store card to your Westpac Altitude Business credit card.Some people considering debt consolidation use their homes as collateral.They may refinance their homes and have the credit card debt rolled into their mortgage payments.Before making the move toward consolidating debt, you should thoroughly study your current financial situation.Financial author Suze Orman offers a guide for people managing their debt that recommends negotiating the best credit card interest rate, even if you have to switch cards regularly.Remember, you will not gain the benefit of any interest free period on credit purchases until the balance (including any balance transfer amount) is paid in full by the statement due date each month.We can contact the other financial institutions, or stores, for you to arrange the transfer. This rate is only available to customers who are applying for an applicable Westpac card and wish to transfer the balance(s) from a non-Westpac credit card(s), charge card(s) or store card(s).
For these reasons, taking out a personal loan to consolidate higher interest debt can often be very beneficial.
The first is the kind you describe, where you apply for a personal loan, preferably one with a relatively low interest rate, and then use the money from that loan to pay off all your credit card balances at once.
Once all of your other accounts are paid in full, there is only one payment to make every month – the one to the new lender.
Overwhelmed with a blizzard of monthly bills, many people look at consolidation as an alternative.
Streamlining debts can be a useful way of managing an unyielding financial burden and lowering costs, but it's not for everyone.