If you have over indulged in more ways that one this recent Feastive Season, you may be dreading the next credit card statement in the mail. But all is not lost as now is a great time to look at the option of a debt consolidation loan. Adding your consumer debt such as your credit cards or personal loans to your personal mortgage can save you hundred of dollars per week and put your budget back in the black. For example – if you have a $10,000 debt owing on your credit card you could be paying anywhere up to 20% interest per annum! This would also require a monthly payment around $300 and at this rate it would take you many years to pay this off. If you added this to your home loan assuming you are on a variable rate of 6.5% over 30 years, then your montly commitment for this amount is reduced to only $63 per month. This is a saving of almost $3,000 per year!!!! Put this in a special ‘Christmas’ account and you will have enough spare cash to enjoy yourself all over again next year without breaking the budget.
Contact PI Finance today to see how we can get you back on track and help you with some of your New Years resolutions once and for all.