Consolidating your debts into your home
Additional debt (credit cards,
personal loans, car loans etc) can sometimes impact your ability to pay your debts on time or leave you with very
little money left to live on.
When could I consolidate
If you have enough equity in
your home, you could consider increasing your home loan to consolidate your additional
What does debt
If you consolidate your debts
into your home loan, your repayments can become more manageable by having just one
How does debt consolidation work?
When you do debt consolidation, you actually spread your repayments
out over a longer period of time, which reduces your repayments. It does mean however, that you will
eventually pay more interest on the debt than you would have had with a shorter term, but the payoff is that it is
How can I pay less interest?
If you pay off your loan than the minimum repayment, you will in
effect be paying your loan off quicker and therefore reducing interest.
Debts to consolidate:
- credit card
- store card
- other debts:
- business loans
- Line of Credit
- Family debts
Finance Allsorts can assist
you with your debt consolidation.