Debt consolidation is so popular in Australia because Australia is one of the countries where it is particularly effective.

Debt consolidation is useful when an individual or business has higher interest loans and wishes to replace them with one lower interest, debt consolidation loan.

Australia has a history of high interest credit cards and so for many Australians with one, two, three or more credit cards which could be charging 15-16% or more in interest per year a debt consolidation loan at 5-10% per year interest means saving a lot of money.

Debt consolidation is also particularly popular because instead of having to make a monthly repayment for each outstanding loan or credit card just one repayment is made (and this can usually be negotiated to be made weekly, fortnightly or monthly) to the company with which the debt consolidation loan was taken out.

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