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Consolidating Debt
Simplifying the Picture
Sometimes juggling commitments to meet credit
card payments, car payments and personal loans becomes tedious
and time consuming particularly when the due dates for payments
fall at different times. It becomes even more stressful when
the commitments fall due but your income has not yet arrived
to pay these commitments.
Loans secured by your property can be a
very cost-effective solution, as the interest rate charged
is usually considerably less than interest rates charged on
credit cards or personal loans. The savings on interest can
alleviate pressure on household budgets and you can put these
savings towards paying the loans off faster, or improve your
cash flow for other things. Let me show you how you can be
better off!
You can also get some good financial advice
from FIDO's financial finance on consolidating
debt. Try out their calculator
for starters, note however the debts are rolled into one large
loan over the term of your home loan.
Tip: Consider structuring
your consolidated debts into a separate loan from your home
loan, with a shorter loan term so that these debts are paid
off faster. |
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