Debt Consolidation Case Study
Simply fill in the enquiry form on the right for a FREE ASSESSMENT. You are absolutely under no obligation to accept offers that are presented to you by our expert staff. It’s confidential and there is NO CREDIT CHECK.
Australian Lending Centre helped Paul consolidate 7 credit card debts into one easy repayment with a debt consolidation loan
Before Debt Consolidation Loan:
| Type of Asset/Liability |
Amount Owing Before Debt Consolidation Loan |
Monthly Repayments Before Debt Consolidation Loan |
| Mortgage |
$90,000 |
$1,330.00 |
| Credit Card |
$8,000 |
$200.00 |
| Credit Card |
$5,500 |
$137.50 |
| Credit Card |
$3,200 |
$80.00 |
| Credit Card |
$1,780 |
$44.50 |
| Credit Card |
$4,800 |
$120.00 |
| Store Card |
$4,500 |
$112.50 |
| Store Card |
$3,200 |
$87.50 |
| Total Monthly Repayments before Refinancing: |
$2,112.00 |
After Debt Consolidation Loan:
| Paul's New Monthly Repayment (after debt consolidation): |
$779.32 |
| Monthly Savings After Consolidation Loan: |
$1,332.68 |
| Yearly Savings After Consolidation Loan: |
$15,992.16 |
Before contacting the Australian Lending Centre, Paul was at his wits end with 7 different credit card repayments per month with hundreds of dollars worth of interest being paid and never really making a dent in the overall amount. While paying off his mortgage, Paul could only afford the minimum repayments on each credit card, Paul knew he was never going to get any of the credit card debts cleared if he did not address his finances.
Seeing no light at the end of the tunnel, he was genuinely losing sleep every night worrying about the number of payments he was making each month and knowing that he was getting no where by making the minimum repayment on each credit card. To make matters worse, he had become trapped in a vicious credit card cycle where he was making the minimum repayment and then spending that amount on the credit card within a few days because quite simply, he had run out of cash.
After contacting the Australian Lending Centre, Paul was guided step by step through the lending process, right through to settlement of a debt consolidation loan. This helped Paul change his state of mind and feel like an enormous burden had been lifted from his life (and bank account).
The Australian Lending Centre helped Paul consolidate his 7 credit cards and his mortgage into one easy monthly repayment, allowing Paul to cut up his credit cards and resist the temptation of running them up again. According to Paul, "It has not only made my life easier, but it has put a lot more money in my pocket every day to either spend, save, or use to pay down my debt consolidation loan even faster which is what I plan to do".
Paul decided to borrow the $31,000 to pay off all of his credit card debts with a home loan refinance package that consolidated each debt into the one monthly repayment.
Although Paul was able to save hundreds of dollars each month, he decided to focus on becoming completely debt free and to own his own home in 10 years by contributing a small portion of his savings into his debt consolidation loan repayment each month. After updating his household budget, he determined he could pay an additional $140 per week into his debt consolidation loan to pay it back even faster. This meant that Paul would pay off his mortgage and be debt free in a little over 10 years, which Paul was exceedingly happy about.
Want to see how much time and interest you can save by making additional repayments? Take a look at our Extra Repayment Calculator.
Do you need a debt consolidation loan? Simply fill in the enquiry form on the right or phone us on 1300 138 188 for more information.
Learn how the Australian Lending Centre can help you too: