You are struggling to keep up with all the monthly repayments, and consolidating your debts will simplify the management of your loans.
You have a substantial equity in your home, in which the interest rate of your home loan will be lower compared to a credit card or personal loan.
You have a large amount of debt and you have bad credit, so consolidating seems a better option in your case.
Also remember that not all types of debt can be consolidated. You can only consolidate personal loans, credit card debt, store card debt, and other credit accounts including utility bills. However, it will still depend on the loan provider, so make sure to ask assistance from your personal mortgage broker.
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