DEBT058 A Clearer Path Out of Debt (394 words)

This article explains how debt consolidation works and describes how combining multiple high-interest debts into a single loan may simplify repayments and potentially reduce interest costs. A case study is used to highlight the benefits, trade-offs and key considerations to help readers decide whether the strategy suits their circumstances.
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For many households, debt doesn’t come from one big decision. It builds up gradually — a credit card used for everyday expenses, a personal loan for a car or renovation, and maybe a store card that seemed convenient at the time.

Before long, you’re juggling multiple repayments, all with different interest rates and due dates. Even when you’re making every payment on time, it can feel like you’re running just to stand still.

This is where debt consolidation is sometimes considered.