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How Do I Combine My Debts Into One Payment?

Updated: Jun 13



Struggling with what feels like a mountain of debt? You’re not alone. The average Australian manages more than $86,392 in household debts, the vast majority of which come from credit cards ($3,841), medical bills ($3,000), and personal loans ($14,949).

When balancing so many payments from different providers, keeping on top of everything can be frustrating, stressful and even a little scary. You can’t afford to slow down and check the status quo, but you won’t make progress unless something changes — and fast.


This is where debt consolidation comes into play. By combining all your monthly payments into a single lump sum, you can slash your interest rates, get ahead on payments, and roll your debts into a single monthly bill.


Debt consolidation is a great strategy for Australians ready to regain their financial independence. However, it’s not always easy to get started — especially if you’re unsure how the process works.


Let’s explore the easiest way to consolidate your debts into one payment, including how it works, how to do it, and why you’d even want to in the first place.


Why consolidate your debt into one payment

Debt consolidation is exactly what it sounds like — rolling your personal debts into a single lump sum. You may be able to lower your interest rate, meaning you’ll pay less interest and make one monthly repayment, saving you time and money!


Debt consolidation is a viable strategy for thousands of Australians. However, it’s not a perfect fit for everyone. Before moving forward with a debt consolidation company, you need to be aware of your current debt.


You may want to combine all your debt into one payment if:

  • Your debt payments aren’t more than 50% of your household income

  • You can reduce your interest rates using your current credit score

  • Your current debt load will take a year or more to pay off


You may want to hold off on debt consolidation payments if:

  • Your monthly payments are 50% or more of your household income

  • You won’t be able to reduce your interest rates

  • You can pay off your debts in six months or less

Not sure about your current situation? Feel free to read the details of Salt & Lime’s loans.


How can I get all my debt into one payment?

If you qualify as someone who could benefit from debt consolidation, you’ll be happy to know that the process is extremely straightforward. All you need is time, documentation, and a few account details to consolidate your debt in minutes.

Here’s how to combine debt into one payment:


  1. Determine your personal debts — If you don’t know how much debt you owe, now is a great time to check. Start with interest-bearing accounts first and add the totals into an Excel spreadsheet. Debt consolidation loans let you combine almost any outstanding account, including credit cards, past utilities, payday loans, medical debts and unsecured personal loans. However, you may not be able to consolidate all your debts, like your home loan, so only include liabilities you know you can combine.

  2. Find the right lender — There are three ways to get debt consolidation loans in Australia: from a bank, private lender, or debt consolidation company. Banks can often lend smaller amounts and require a longer application process, while private companies may charge high fees and interest rates in return for their services. In contrast, debt consolidation companies like Salt & Lime specialise in supportive, low interest loans. We can help Australians consolidate their debts with a simple, fee-free lump sum in as little as 24 hours, even if you have bad credit.

  3. Lumping your payments — With a lump sum sitting in your account, it’s time to pay off current creditors. Be sure you don’t use the money for anything else, or you’ll be putting yourself into a tricky situation that may keep you in debt even longer! Once you pay off each of your creditors and settle your accounts, you’ll owe just one monthly payment to the company that gave you the loan. It’s that simple!

How do I combine all my debt into one payment with Salt & Lime?

If lengthy bank loans and costly private lenders don’t meet your needs, the debt consolidation experts at Salt & Lime would be happy to assist. We have years of combined experience helping Australians escape the cycle of debt — and we could do the same for you!


There are so many reasons to consolidate your debts with Salt & Lime — here are just some of our favourites:

  • Secured loans range between $4,000 and $20,000 to meet most borrowing needs.

  • Flexible loan terms of one to five years.

  • Earn interest rate discounts by taking financial module courses, saving you even more in the long run!


Salt & Lime isn’t your average debt consolidation company. Even in our application process, you’ll see our system looks totally different from traditional lenders.

It takes just three steps to get started:


  1. Check your eligibility using our simple vetting chart. If you’re over 18, an Australian Citizen and have a documented income for more than three months, we’d love to hear from you!

  2. Apply for a debt consolidation loan online. We’ll ask you for some account details, debt information, and some of your most recent pay stubs. You can select your desired loan amount and term length at this stage.

  3. Just wait to hear back from a member of our team. If all requested documents are submitted successfully on the day they are requested, same-day approval can occur!


Learn more about how to apply for Salt & Lime debt consolidation loans at any time.


A free financial future starts with Salt & Lime

Salt & Lime is one of Australia’s leading debt consolidation loan providers — and it’s not hard to see why! If our thousands of five-star reviews don’t clue you in, our fee-free repayments and competitive interest rates certainly will.


Your financial wellbeing is our priority.

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