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step 1

Get the lay of the land

The first thing you need to do is take stock of your credit situation as a whole. As painful as this may be, it will allow you to get a realistic picture of what lies ahead.

You should calculate how much you owe on each debt, how much interest you’re paying on each debt, your debt total and the timeframe you’ve been given to honour each debt. Don’t forget to include any fees and charges you are also currently paying.

step 2

Consider your options

Consolidating your debts can come with many advantages. You can potentially save money by not paying multiple different interest rates and sets of fees, and time by reducing your debt to one convenient monthly repayment. 

  1. Credit Cards

    When it comes to methods of consolidation, the choice is yours. If you have multiple smaller debts, you may benefit from taking up a Credit Card.

    Learn more about our Credit Card

  2. Find out more about our Personal Loans

    If your debt total is larger, a Personal Loan is probably the better option for your needs.

    Personal Loans

step 3

Get the right product

Before you sign up for anything, make sure you do your homework. It can be worth your while taking the time to talk to an expert from an organisation with a history of responsible lending practices, like Greater Bank.

If the idea behind consolidating is to make your repayment process easier, cheaper and more convenient, speaking to us is the way to go. As we have no shareholders, we’re able to invest our profits into providing better value rates, lower fees and helpful product features designed to help you become debt-free sooner.

step 4

Stay on budget

Now that you’ve simplified your debt landscape and are only making one repayment, with one interest rate, all you have to do is stay on track. The key to this is setting up and sticking to a budget.

Once you’ve configured your finances so that you can support your consolidated debts, the hard part is over.