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Avoid Debt Consolidation.

How it works and a guide

on things to avoid.


What is Debt Consolidation?

Things to consider first.

Debt consolidation is a debt restructuring process that involves combining all

your loans into one existing loan. It’s offered as a ‘simpler’ and ‘easier’ to

manage loan with one lower repayment and rate.

Banks want you to be in debt longer and when you consolidate you will be

starting again. Finally, you can also be charged establishment and exit fees.

simplify.co.nz 0800 001 561

Separate vs Consolidated

That’s $2,282 more and

another year of being in debt


$10,000 Amount

Interest Rate

Monthly Payment

Total Monthly Payment


Total Cost & Time

12% 10%

$517 $583






Combined loans


in 41 months


in 58 months

Length Extended terms means extended payments, you’ll be in debt longer

Rate Low interest rates are usually promotional and rates can increase

Repayments Lower repayments almost certainly means you’ll pay more

D’t pay me!