Canstar sees consumer education as the most important part in the role we play. We have a team of around 80 talented staff members who collect, research and analyze personal loans, policies, cards and products.
We are trying to make our site as user-friendly as possible and you will always notice our research and researches are quoted either in the press and or on television.
Financial institutions make use of our information to assist consumers to increase their chances of perhaps finding the right product best suited for them, thus we strongly encourage you to add five-star products to your shopping list as our star rating system is designed for this.
Debt management and getting out of debt
The weight of debt outshines many Kiwi families during hard-hitting financial times. Providentially, there is support available to get yourself out of debt.
Falling behind with repayments on multiple debts such as credit cards and personal loans is enough to make your heart race and your hands clammy not to mention the word debt management well that’s just enough to send you over the edge.
But by biting the bullet and having a plan of action to get out of debt is the perfect place to start, but you should be careful of not jumping from the frying pan into the fire by forming a judgmental opinion when comparing debt management or debt counselling options.
Are you one of those individuals who struggle to stay out of trouble because of debt-related issues, perhaps you should consider seeking the services of a debt counselling firm.
When you are overwhelmed with debt and see some of the debt management firms promising to solve your finance problems (or something like that) it can be quite tempting, but not necessarily the right solution for you.
Don’t fall for it, there’s a catch
The advertisements for these debt solution establishments can often restrain the severity and consequences of their measures.
It’s essential to put your sentiments aside and be sensible when considering signing up with these concerns.
Allow Canstar to show you what debt solution firms offer to assist you to get out of debt.
What debt solution companies are all about
They offer to assist you with debt management as well as debt consolidation. A debt consolidation loan allows you to roll all your debt into one loan account.
This sort of loan will have different interest rates or fees depending on which provider you choose and what your credit score and personal details and preferences are
Canstar Product Details
- Loan Type Debt counselling
- Interest Rate 6.99 – 19.99% p/a
- Repayment 1 year to 20 years
Summary of Services
- Interest rates are personalized
- Compare loans
- No break fees
Canstar - Free debt coiunselling
More often than not debt solution companies are run for profit, first check what is being charged for management services because these fees can set you back even further and their “solutions” could push you further into debt, this could essentially get you into more debt, rather than getting you out of debt.
Here’s an example; your debt could possibly have a higher interest rate, the costs could be more and you may have a longer term. Bear in mind that when the loan is a longer term, your interest rate and repayments could be lower, you will be paying more in the long run because the fees and interest will be paid for a longer period of time and could add to a substantial amount over the years.
A debt consolidation plan
Think carefully before you consolidate your unsecured debt such as credit cards into a secured loan, by using your mortgage as security means that you are putting your home on the line. In time the mortgage could become more difficult to repay, meaning that you are putting your home at the highest risk. Before you agree to a debt consolidation plan, you need to ensure that you have done your research first so that you are satisfied that you're getting the right deal.
Canstar offers free financial counselling
Unlike the debt solution firms which go all-out to make profits for shareholders, our number one priority is to help those in need and so we offer free financial counselling. Financial counselling can propose and confidential and independent financial advice to develop your financial situation in several ways.
This may include suggesting you make up a budget, referring you to one of the other social help services should they recognize a bigger problem for example (gambling help, mental health counselling, drug rehab) or they may want to see if you’re eligible for government assistance.
Why make use of business where you’ll be charged when financial counsellors can do the same at no charge and we won’t direct you to desperate measures we will rather assist you to consider every possible way so that you can manage your debt in the most proficient way.
Take charge of your debt and if you are serious we have a number of articles that may be of assistance. Contact Canstar if you need debt counselling we’ll assist you in any way we can!
Customer Reviews & Testimonials
When we needed help they were there for us and that is why we will recommend them they have great service and you can always find someone to help you.
— Auckland —
When we were looking for a loan to help us pay off my student loans I contacted canstar and they have helped me to get all of my loans paid off and I will only be dealing with them from now on.
— Queenstown —
Great service they answered the phone right away when I called and then took the time to help me understand my debt and as well told me to come into the branch where they would help me.
— Wellingotn —