Personal loans can be a smarter choice for getting out of the debt trap as common alternatives such as credit cards or topping up the mortgage may be more expensive, taking years longer to pay off.

Aussie has introduced a brand new tool for consumers to quickly analyse and compare the total interest cost of various finance types to a personal loan, called the Debt Comparison Calculator.

Aussie founder and executive chairman John Symond said “We have developed the personal loan calculator to help consumers understand what the impact could be of taking on debt but then not paying it off as quickly as possible.”

Mr Symond said, “We want to assist consumers to make informed decisions about what form of debt they take on when buying a car or other “bigger ticket” purchases.
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