You can use a personal loan repayment calculator to work out exactly what your repayments will be.
To summarise, the key advantages of consolidating your debt are: Taking out a personal loan can also help with your budgeting.
If you have three different credit cards with debts of, for example, $3,000, $4,000 and $7,500, you’re likely to also have three different interest rates and to be making three different repayments at different times each month.
This can feel overwhelming and complicate managing your cash flow.
We’ve been reviewing debt settlement for seven years.