A real-life testimony is a customer I helped save 12000 dollars every month for her financial outgoings. You can just imagine how happy she is! Loan consolidations are a perfect way to reduce the financial commitments and get a break until you recover especially if you are having some family hardships. Also, they are exceptional tolls when it comes to reconstructing the control of your debt.
A car loan of 50, 000 dollars can cost you more than 10, 00 dollars every month and a 10, 000 credit card loan can cost you up to 300 dollars every month, it makes total sense to look for other ways you one can use to reduce the debt. And one way of doing that is consolidating credit card and car loans into home loan debts and re-structure the home so that it can accommodate the necessary debt that you are likely to incur in future. You will not necessarily need to take a car or credit card loan in the future.
An easy way that you should consider is splitting your home. Think of a typical loan split to 2 options of 350, 000 and 10,000 dollars. The 350, 000- dollar loan will be the one you work towards reducing over time, while the 100, 000 dollar one will help you replenish funds through a redraw facility and anything that is above the minimum payments will sit as an available source of cash to make future purchases.
For example, instead of taking out your next car loan, you can decide to consolidate your current loans into a single loan and then use the savings to make an extra payment of 500 dollars per month (will go towards redraw) towards the lower-amount loan. This means every year you will be having 6, 000 dollars going towards redraw and within 4 years you will have enough redraw to purchase a car at home loan rate.
Alternatively, you can opt to do away with your credit card loans so that you don’t have to pay huge amounts of interest every month. It is a risky move but a perfect one to help you take control of your money.
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