Paying off debt can free up cash and let you save a bundle on interest charges. So it’s a worthwhile goal to aim for.
Remember though, not all debt is bad. Your home loan, for instance, is funding an asset that will rise in value over time. As long as you can comfortably manage the repayments, this type of debt isn't a problem.
The sort of debt that can land people in financial hot water is high interest debt used to buy here-today-gone-tomorrow purchases. It's this type of debt you need to avoid or manage well.
The main point is that you don’t have to live with unnecessary debt. It is possible to become, and stay, debt-free. And with the backing of expert advice, it doesn’t have to be hard.
Your Mortgage Choice financial adviser can offer a whole range of strategies to help you pay off debt sooner.
Talk to us for simple, effective ways to clear debt and put more of your money to work building wealth.