One of the biggest learnings I can take from my over 30 years in the broking sector is that many young people ignore what or how they are buying.

An example of this is a client that got recently married. They saved for their wedding day but funded their custom made wedding rings, and bridal party thank you gifts (watches for the guys and earrings for the girls) via their credit cards.

They came to see me, and we were able to refinance (consolidate) multiple credit card debts into one loan, which resulted in their interest rate decreasing by over 15%, and saving a few hundred dollars a month.

So, if you’re juggling multiple credit card payments and find it difficult to stay on top you should consider whether credit card debt consolidation is a strategy that would benefit you. Simplifying the repayment process and merging multiple payments into one could usually see you achieve a better interest rate which could assist in improving your overall cash flow position.


Debt consolidation will not solve the underlying problem. Your financial behaviours can if unchecked, see you in a similar scenario in the not too distant future. Using debt to appease unplanned expenses, can often highlight a lack of discipline, resulting in you being caught in a debt spiral, which can take many years to get out of, this is why I say “Strong goal setting, and living within your means, is the key”.


If you’d like any help with debt consolidation please reach out to the IM Team on or call 08 6222 7909.

This article was written by Darrel Roberts, Head of Mortgage Lending Services at Inspired Money with over 30 years of experience in mortgage lending and accounting he is an expert in his field.

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Inspired Money