Debts Blow Out And Not Able To Move Forward

Debts Blow Out And Not Able To Move Forward

If you are struggling with multiple debts, one smart way to simplify your finances is to bring all your loans together – it is known as “Debt Consolidation.”

If you structure your repayments in the right way, it could make managing your finances easier, help you save some money, and pay your home loan faster.

How To Take Control Of Your Debts?

Compare what you Owe, Spend And Earn

It is essential to have a realistic view of how much you owe. It will help you analyse how much money is coming in and how much you are spending.

Create a budget and include:

  • Calculate your total-earning—the money coming in from investments and job.
  • How much you need for essential expenses like groceries, rent and bills.
  • Include additional expenses, if any.
  • The amount you have left with.

This approach can help you identify where there may be room to save a little extra and add to your repayments.

For Budget planning, you can use our Budget Planner calculator.

Consolidate Into Your Home Loan

One of the most significant benefits of consolidating into your home loan is:

  • Having only one repayment to monitor.

You could even put what you save on interest towards additional home loan repayments. Use our Loan Repayment calculator to calculate repayments. 

However, home loans with longer loan terms might end up paying more interest.

Have a quick chat with our lending specialists to understand how much time and money you could save by making extra mortgage repayments.

Repay Full Amount Outstanding Instead Minimum Amount Owing

When you are making repayments, you typically get two options:

  • Pay the minimum amount owed.
  • Or pay the total amount you owe.

While it might be attractive only to pay the minimum amount owing, keep in mind it will still incur interest on outstanding, and you could end up owing more money.

We can help you assess your financial situation and advise you with the most suitable solution.

Shop Around For Better Deal

Added fees and high-interest rates can certainly affect how much you pay back on top of the base amount (the principal amount you owe).

If you have a credit card or home loan, you could save money with the “Refinancing” option.

Our lending specialist can help you compare various lending institutions that can offer more suitable repayment conditions and lower interest rates.

You Can Always Reach Out To Us

If you find it challenging to keep up with your repayments, connect with us over a no-obligation phone chat or submit an online enquiry.

We help you establish a workable budget, discuss affordable arrangements with creditors. So, you can make a confident choice on debt consolidation or refinancing.

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