Is it better to consolidate debt into an existing personal loan than have credit cards and a personal loan?

personal loan

Hope this makes sense. Just after some serious advice on whether I should consolidate all my credit cards again into an existing personal loan. Also not looking for lectures, I’ve learned my lesson.
please note I’m in Australia so interested only in Australian financial advice that is relevant for me

Rent Back
Categories : personal loan



Yes it is better to consolidate your loan. That way your outstanding debts are rolled into one repayment. You can then use any additional funds you earn after expenses to have a savings plan. Sound debt management principles with your money will eventually lead to savings and income security.


try this calculator to assist you.

Good Luck


Maybe depending on if you stopped the use of the credit cards after you took out the loan to pay them off.

To succeed you have to bite the bullet and cut up the cards then pay cash from now on.


When you put the “again” into your question it sounds like you are in trouble with keeping away from the credit cards. If you can, I suggest you pick the credit card with the lowest balance and slug away at it until its paid and still do the minimums on the rest. Then when the first is paid off, take the money you were paying on that and add it to what you can pay on the next. It is slow going but keeps you from starting over.

Of course a new consolidated loan and torn up credit cards is the best solution if you have the discipline. It is hard to be under that kind of pressure but congrats on trying to clean up your act. You will be glad eventually. Good luck!


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Emperor Norton II
July 5th, 2009 at 8:59 pm

It’s better to ask your question differently.

You SHOULD have personal loans and credit card accounts that offer you the lowest interest rates.

If you can do this by refinancing your personal loans – fine. If you can do this by opening up new accounts and transferring balances – fine.


ya just do it

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