Debt consolidation can be tempting at this time of the year and works well for many people, but there are traps for those who dont understand how it works.
The idea of combining all your consumer debts into one simple loan and repayment is growing in popularity.
New data from peer-to-peer consumer lender Society One shows that more than 60 per cent of its loans are taken out to consolidate debt, followed by home improvements (11 per cent) and vehicle finance (8 per cent).
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SocietyOne CEO Mark Jones said Australians were becoming more financially savvy about debt.
He said younger generations in particular were scrutinising traditional financial products s…
Read the full article at: https://www.news.com.au/finance/money/understand-the-financial-traps-before-consolidating-your-debts/news-story/b9b5356f722ac19fdba774d795fff692