Sometimes people need assistance to help manage their finances better. If you are serious about “breaking the lending cycle” then a debt consolidation loan maybe for you. Some tips for success in applying for debt consolidation loan are:

1. Have payout letters for all existing loans/credit that you have – don’t hide anything
2. Ensure that you have communicated with these companies and have not been defaulted on your credit file
3. Already have looked at your own income and expenses level and determine an amount that is sustainable and affordable or you will end up in the same position

You also need to be aware that Financial Counsellors are available in all States and Territories
and you can access these services by visiting Financial Counselling Australia