Interest Rates

The amount of money you pay in interest seriously affects how swift your debt repayment is. The more you pay in interest the worse off you are. Obviously it is in your best interests to pay as little as possible. That is exactly why you  want student loan consolidation - to reduce the current interest rates you pay - not only on your student loan but on all your debt.

If you are paying too much interest the time you will be debt free in is extended. What needs to happen is you need to bring ALL of your debt under one roof and you need to get ONE interest rate applied to all debt instead of having, say, 22 % on your credit card, 12 % on your Hire Purchase agreements and 6 % on your student loan.

If you could land an 8% credit rate on your student loan consolidation, and incorporate all your other debt in to it as well you would save the difference between what you were paying and what you would pay in the future. This is the ideal scenario you are looking for.

Ultimately, at the end of the day, what you are trying to achieve is a shortening of the amount of time it takes to clear all your debt. Student loan consolidation is just one way of doing this. Other areas you need to consider looking at are your living costs and how much interest you are paying out on any other loans you have.

It is not rocket science to see where wastage occurs in personal finances and most people can muster the self discipline if they need to. Of course, it's all a matter of taking this deadly seriously and not giving up. You need to determine to get completely and utterly debt free -any way you can and as fast as possible.