The interest rate on one card may be significantly higher than the others – and if the highest rate is on the card with the ,500 debt, you could be paying plenty each month just to cover the interest, let alone paying down the debt itself.One option you have to consolidate your debts is to take out a single personal loan to pay off each credit card and any outstanding interest.You will know your rate before you apply by clicking on and completing the short form on the credit check page.
In the event there is an excess payment to your facilities with the other financial institution resulting from your approved Citibank Debt Consolidation application, you are solely responsible to request for a refund from the respective financial institution.
Under the Citibank Debt Consolidation program, only the funds from the cash option (if you have opted for it) will be disbursed to your current or savings account nominated by you in the application form.
Debt consolidation is bringing all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your financial future.
You typically do this by taking out a new personal loan to repay your other existing debts, and then paying this new loan back over a set term.
Other personal loan purposes are available including; car purchase, home improvement and special occasion.
If you don’t think a personal loan for debt consolidation is right for you, simply select another option when applying.Westpac’s current personal loan lending criteria, fees and interest rates apply to all applications for credit, all of which are subject to change. You’ll need to be 18 or older and a New Zealand citizen or permanent resident.If you’re not but you’re working in New Zealand, or you don’t meet the other offer criteria, we still may be able to help. The annual interest rate is made up of a base rate of 14% p.a.Whether you are looking to consolidate credit cards, another personal loan, other debts or a combination; You can apply online and complete the online application in 10 minutes or less. Or you can apply over the phone (1300 275 669) by speaking with one of our Australian-based personal loan advisors.Getting your individual rate is quick and easy and won’t affect your credit score.If you have three different credit cards with debts of, for example, ,000, ,000 and ,500, you’re likely to also have three different interest rates and to be making three different repayments at different times each month.