Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Debt Consolidation Loans Compared

MoneyHub's re-launched guide to debt consolidation loans helps explain the benefits of combining debts into one loan. For homeowners, the guide explored the option of a revolving mortgage facility which can work out to be significantly cheaper than a new loan.

MoneyHub's Senior Researcher Christopher Walsh said:

“Piling up debts cause massive stress for households of all income levels, and sometimes it can feel near-impossible to get on top of. With household borrowing at record levels, making debt affordable and manageable has never been more urgent”.

“Interest rates are at record lows, and while unsecured debt rates haven’t dropped like mortgage rates, the array of dent consolidation offers around today are enticing for borrowers to re-commit their debts at a much lower rate”.

“Our view is that debt consolidation won’t be for everyone, but for households with multiple debts, there are advantages. However, for a debt consolidation loan to be effective, we believe the debt level must be manageable, credit scores and affordability must be in good shape, and no more debt can be taken on”.

“Our guide outlines everything the New Zealand consumer needs to know about debt consolidations, tips to make it cheaper and most importantly get people debt-free, faster”.

"Our guide encourages those with long-standing consumer debt to explore the options, whether it be a bank loan, credit union deal or secured lender offer. We’ve seen secured borrowing as low as 5.03% p.a. this week, and with some credit cards still charging about 20% p.a., saving money is realistic”.

MoneyHub will update the guide on an ongoing basis as rates change and new lenders enter the market.

See More: Best Debt Consolidation Loans (and helpful alternatives)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Air New Zealand: Business Travellers Return To The Skies In Record Numbers

After a year of talking to a computer, Kiwis are leaving the office to re-connect with their clients, suppliers, and staff. New figures released by Air New Zealand show domestic business and corporate travel has defied global trends by returning ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>

Commerce: House Values Continue To Climb As New Government Measures Announced

The Government’s new initiatives to quell the rocketing housing market were announced last week, just as house prices hit a new high for the end of March. The average value increased 7.8% nationally over the past three-month period, up from the 6.8% ... More>>