A lot of financial advisers in the Perth area advise their clients to obtain debt consolidation loans. They can be a wise or unwise strategy, depending upon your individual financial situation. We are always sure to let our readers know that we can’t give specific, individual financial advice on a blog, but we can give general information.
What ASIC Says about Refinancing
ASIC says that it can sometimes be a good idea to consolidate loans, but only if the new loan results in the borrower paying less money in fees and interest. ASIC recommends that refinancing only be done if it is the best option.*
Contact the Current Credit Provider
ASIC recommends contacting current credit providers if you are having trouble making any payments. They can often work with you to come to a new arrangement.*