Consolidating debt to mortgage


03-Jan-2018 17:21

The average Australian has more than one credit card – and many of us are paying interest on the balance.Add to that the various types of personal loans that are available and it isn’t too difficult to find ourselves juggling several loans at once.If that sounds familiar to you then debt consolidation might be a means to minimise the impact that this debt has on your cashflow.“Debt consolidation” means refinancing your debt onto the lowest interest rate possible – and setting up a realistic repayment plan to get it paid off!The interest rates on these loans are all quite high; you’re shelling out more than

The average Australian has more than one credit card – and many of us are paying interest on the balance.Add to that the various types of personal loans that are available and it isn’t too difficult to find ourselves juggling several loans at once.If that sounds familiar to you then debt consolidation might be a means to minimise the impact that this debt has on your cashflow.“Debt consolidation” means refinancing your debt onto the lowest interest rate possible – and setting up a realistic repayment plan to get it paid off!The interest rates on these loans are all quite high; you’re shelling out more than $1,000 a month in interest, yet still making no progress on paying most of it off.On the plus side, the house you bought for $100,000 10 years ago with a 30-year fixed-rate mortgage is now worth $175,000.However, it is not necessarily the win-win strategy it seems - we explain.The idea of consolidating debt is a pretty simple one, and has been around for a long time.

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The average Australian has more than one credit card – and many of us are paying interest on the balance.

Add to that the various types of personal loans that are available and it isn’t too difficult to find ourselves juggling several loans at once.

If that sounds familiar to you then debt consolidation might be a means to minimise the impact that this debt has on your cashflow.

,000 a month in interest, yet still making no progress on paying most of it off.On the plus side, the house you bought for 0,000 10 years ago with a 30-year fixed-rate mortgage is now worth 5,000.However, it is not necessarily the win-win strategy it seems - we explain.The idea of consolidating debt is a pretty simple one, and has been around for a long time.

Consolidating credit cards and loan debts into your mortgage can seem a no-brainer - after all, given the size of the debt, mortgage payments can seem low.

Pulling equity out of your home at today's great interest rates can save you as much as 22% a month in interest charges!

The valuable equity that you have in your home can be used to consolidate high interest credit card debts, credit lines and even car loans.

Example: So in this example, incorporating your credit card into a personal loan (and paying an extra nineteen dollars per month) will help you to pay your credit card off within five years and potentially save you a significant amount of interest.

Compare personal loans on our database and try our personal loan repayment calculator.

In the past, for a client to consolidate credit card and loan debts, a second mortgage was your only choice.



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