Dear Luke, I am over in-debted with my current and long term liabilities. I have applied for debt review, but we have not agreed to a budget as yet. With my wife's salary and mine we can comfortably afford an installment to consolidate our debt, but there is not enough equity in our property to increase our homeloan. What are my options to consolidate my debt? From: Clive
Yes, you do have options to consolidate your debt and Debtbusters would be able to advise you on this. It all depends on your affordability, your short term debt and what your current payment record looks like.
A consolidation loan outside your home loan may be a good option as this could reduce your monthly fees and decrease the interest you are currently paying.
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