Consolidating and clearing your debts

November 14, 2016
Grace Cumbers

Do you have a credit card debt you’re struggling to get rid of? A large percentage of people with a credit card debt admit to making just the minimum repayment each month, in a bid to get rid of their debt.

While you can get by just paying the minimum repayment, you are actually hurting your own financial situation in the long term.

For example, if you owe $5,000 on your credit card with a 14% interest rate it could take you almost 21 years and 11 months to pay off the credit card, costing you around $11,000!

If you are one of these minimum repayment victims because that is all you can afford, don’t despair. There are a few solutions for you to consider helping you reduce it.

Have you ever considered consolidating your debts? At Mortgage Choice Woolloomooloo, we can help you consolidate your car loans, personal loans, credit card debts and other debts into your mortgage.

Consolidating your debts can help to reduce the amount of money you are spending on interest, and make your entire financial position more manageable, saving you time and more importantly, money.

From there, money you save in interest from your short term debts can be filtered into your mortgage repayments, helping to pay that off sooner too!

Our team at Mortgage Choice Woolloomooloo can help refinance other debts like car and personal loans, helping you to save money for the more important things in life!

Complete the form on the top of the page, or call us now to book an appointment 02 9358 4855

Posted in: Financial planning

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