Being smart about debt

Being smart about debt

By Greg Elisara. Posted 22 January 2021. Categories: Borrower stories.

Since moving to Australia to complete his Masters degree almost 20 years ago, Wasim has frequently visited his family who live in Pakistan and Europe, but Covid has put plans to visit them on hold for now. They are a long way from the regional NSW town in which he has lived for many years now, but for Wasim the combination of small town life - work is only a 10 minute drive with no traffic lights - and a job he loves in the NSW public health sector, is one that suits him well and he’s settled and happy. But the visits to family are an important way for him to stay connected with them, though the pandemic has put any further trips overseas on hold for now.

Instead, Wasim decided to take a closer look at his finances. Always one to keep an eye on how to do things better, he wanted to make sure everything was working as best as possible - a sort of financial spring clean. “I always keep an eye on my credit score - I use various credit agencies and get monthly updates.” It was in one of these email updates that he noticed an offer from Harmoney. “I had some loans and wanted to simplify things - to have just one repayment. And the advertised rate was attractive so I thought I’d give it a go. Before that I had no idea - I had never heard of Harmoney.”

Wasim was interested to understand if simplifying debt through debt consolidation would work for him, so he applied for a Harmoney debt consolidation loan. Initially, he started an application for less than he needed, but a quick call to Harmoney’s customer service team solved the issue, “so I was happy with the service and the whole process … the interest rate offered by Harmoney was better than the one I was paying. Not a big difference, but I was happy - I would be making repayments in one amount and not have to worry about lots of different repayments.”

As someone who knows the value of a healthy credit score, Wasim ensured his Harmoney loan repayments were running smoothly, and as a result he has since been able to reduce his interest rate further. “I can’t complain about a single thing so I’m very happy, basically.” In addition, he is also now eligible to top-up his Harmoney loan, meaning he could apply to borrow more if he needed it. But Wasim isn’t in any rush, “because of this Covid we are not allowed to travel anywhere so I don’t need the money right now”. It also suits Wasim to make higher loan repayments at the moment so he’s able to pay down his loan faster, which could end up in him paying off his loan sooner and saving even more. And because Harmoney has no early repayment fee, all of those savings go to Wasim.


Harmoney’s purpose is to help and inspire people achieve their goals through fair and simple financial products, so if you’re thinking of doing your own financial “spring clean” a Harmoney debt consolidation loan could be a useful tool to help you simplify debt.

To find out more about credit scores and the benefits of managing your credit score, check out our Credit Score Bootcamp.