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Consolidate Debt

In Australia, average household spending has risen to 217% of yearly income. With an average price tag of $250,000 per household, personal debts are climbing higher than ever before. For many of us, the light at the end of the tunnel seems to get farther and farther away.


Struggling against high amounts of debt can feel isolating, stressful, and even hopeless. However, there are some ways to pay down large bills and gain back control of your financial life, including debt consolidation loans.

There are many advantages of debt consolidation, especially for those with multiple high-interest debts less than 50% of their household income. With lower payments, cleaner timelines, and manageable financial responsibilities, debt consolidation benefits are much too dramatic to ignore.

Debt consolidation loans

Debt consolidation loans help you combine, manage, and consolidate debt as quickly as possible. These loans are some of the best ways to eliminate large interest rates and fluctuating payments, reducing your financial burdens. If you’re still unsure of how to get rid of credit card debt, large medical bills, or unsecured payday loans, consolidation might be the perfect option for you.

Consolidate debt to live a life you love

Feeling overwhelmed with your monthly payments? Worried about making ends meet? Trapped in an endless cycle of trying to move on? If you answered ‘yes’ to any of these questions, debt consolidation loans may be in your best interests.


Combining your highest interest loans into a single monthly payment allows you to regain control over your wealth and financial future. A few benefits of loan consolidation include:


  • Get out of debt quickly

  • Increase your credit score

  • Pay off credit card debt faster

  • Add new opportunities

  • Create financial freedom


Debt consolidation isn't appropriate in every situation. Some of the circumstances where it can be helpful include:


  • Credit scores that unlock access to low rates

  • Debts less than 50% of their gross income

  • The ability to finish repayments within 5 years or less


Debt consolidation loans are highly personalised, and can vary according to your financial position, repayment goals, and types of debt. It’s a good idea to chat with a debt consolidation specialist such as Salt and Lime to get a better picture of expected rates, terms, and discounts.

Using a debt consolidation loan to pay off debt fast

Salt and Lime’s debt consolidation loans can help you pay down outstanding debts within 1 to 5 years. We allow our applicants to earn rate discounts with module education through our unique Financial Wellbeing Hub. You can also make just one installation per repayment period, offering all the benefits with no drawbacks. With no fees, personalised rates, and same-day funding available, we make it easy to pay off debt at a pace that meets your needs.


Here’s how to get out of debt quickly using nothing but a debt consolidation loan.

1. Combine your highest interest-rate debts into a single loan.

2. Create a monthly budget that showcases your debts, expenses, and income.

3. List the minimum amount you must pay per period to eliminate the debt.

4. Choose a pace that will work with your lifestyle and be easy to manage.

5. Stick to the plan, and don’t deviate (with the exception of extenuating circumstances).

If you’ve been struggling to pay down your bills from month to month, debt consolidation loans could be an excellent asset for your financial journey. Get a customised quote on your next loan by filling out our fast application or contacting us as soon as possible.

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