Friday 05 January 2018
Article by Ceyda Erem
For a lot of Aussies, the start of the new year is more than just the time to kickstart a goal or resolution – it could also mean the countdown to a marriage.
According to the Australian Bureau of Statistics (ABS), there were 118,401 marriages across the country in 2016 and it’s safe to say that this number will continue to increase dramatically with the legalisation of same-sex marriage in 2017.
In fact, wedding spending is expected to increase by 30% thanks to the new law.
RELATED: Wedding businesses across the country are still screaming ‘yes’ to the Yes vote
However, as we anticipate this rise in marriages across the nation in 2018, there are some Aussies still feeling the pinch from their wedding bills.
And it’s not surprising with the average wedding costing Aussies an unbelievable $ 90,128 according to MyWedding.com, potentially sending couples straight into debt, especially if a credit card was involved.
But luckily, Police Bank have announced a Debt Consolidation Loan Special with a fixed rate of 7.90%.
Mozo also recently reported on a similar debt consolidation special by Westpac, offering customers a 1% p.a discount discount on their annual interest rate of 12.99% if they choose to consolidate debt with their unsecured personal loan.
RELATED: Could Westpac’s new personal loan offer help Aussies blast debt in 2018?
The Debt Consolidation Loan Special currently has a $ 98 application fee, a $ 0 early repayment fee, service and exit fee.
If you often find yourself having flashbacks to your wedding (and not in the heartwarming, nostalgic way), it might be a good idea to consolidate your debt with a personal loan.
But if it’s been a while since you last brushed up on your personal loan knowledge, we’ve taken the liberty of a jotting down a fews pros and cons for using a personal loan for debt consolidation.
- Personal loans often come with lower rates
- No more headaches paying multiple bills as one debt is one, manageable place
- If you opt for an unsecured loan, you won’t have to offer up any assets as security
- You won’t be able to pay off the loan early due to the minimum loan term
- There’s usually a large upfront cost to apply for the loan
Ready to be rid of your wedding debt in 2018? Then head over to Mozo’s personal loan comparison tool and apply for a loan today.