A recent headline in the NZ Herald just confirms our love affair with credit cards...
"Kiwis socked $638million in credit card interest"
You can read the full article here. The numbers are quite staggering - "Reserve Bank figures show Kiwis had $5.542 billion parked on the plastic at the end of July of which $5.264 was personal credit cards" - so not business associated!
Consolidating personal loans and/or credit card debt under your mortgage is sensible if done right - and simply means taking out one loan to pay off several others. Let's face it most people have credit cards (proven by the stats above!), car loans or personal loans of one type or another however by putting these loans together under your mortgage you'll only have one easy payment to make and in practically all cases a lower interest rate to pay.
Putting all your loans together, including your credit card debt, under your mortgage can also save you thousands - again, expert advice around structure can make this easy for you! Because its at a lower rate of interest the repayments will not only be less but the time you take to repay will also be shortened.
To show you how to pay less, be debt free quicker and save thousands - click here
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