What is Debt Consolidation and how can it help me?
💳🚘🏡 If you have multiple debts such as a credit card debt and/or personal loans and/or a Home Loan, it may be time to talk to your local Mortgage Advisor about debt consolidation. Consolidating your debts may make repayments more affordable to manage in your monthly budget. You do need to be aware that in the long term you might end up paying more in interest or reduce the equity in your home so it depends what your financial goals are.
What is debt consolidation?
🏡 Debt consolidation is where you transfer your credit card/store card debt and any personal loans to your mortgage. The advantage of doing this is that the interest rate on your home loan is likely to be lower than you’re paying on your smaller debts. You may also benefit from a regular manageable repayment.
However, there are some things you need to be aware of:
💸 Debt consolidation is not debt elimination
💸 Remember the 80% LVR threshold
💸 Personal loans aren’t tax deductible
💸 You can pay more on your loan over the long term
This is just one example of debt consolidation but this tool can be used to manage many multiple debt scenarios. To learn more about how Debt Consolidation can help improve your financial situation, book an appointment with Julie at Greater Geelong Finance on 0437 095 312.
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