Debt consolidation by refinancing your home loan yields many advantages depending mainly on your current circumstances. Debt consolidation helps you manage many short term debts that usually have a higher interest rate associated with them.
These can include existing store cards, credit card, and a personal loan debt.
The ability to pay all your debt from one loan account makes things easy to manage and your monthly overall repayments will also reduce, i.e. instead of paying 14% on a credit card monthly or 12% on that personal loan you took out to buy that car, with a debt consolidation loan you can roll it all into one payment at a discounted variable rate which would be much cheaper.
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