I am paying off my own home, I have a car loan, personal loan, 3 credit cards and a higher purchase card and are struggling to make the repayments. Can Fast Finance help me?
A. Yes, it’s call debt consolidation. Provided that you have enough equity in your home, you could refinance and incorporate your debts into your home loan. This comes with many advantages because instead of making 7 repayments a month you will only be making one repayment at the same interest rate as your home loan. It is quite possible you could be currently paying as high as a combined percentage of 27%. *Debt consolidation works best if you disciplined yourself by cutting up the 4 credit cards, so you don’t end up back where you started.
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