How your mortgage can help you ease the squeeze

New Zealand's combined credit card debt at the end of June this year was $6.49 billion - roughly $1500 for every man, woman and child. Coming into the holiday season, you can only expect this to go up. In 2015, Statistics New Zealand found retail spending using electronic cards reached $6 billion in December.

Are you paying high interest on your credit card debt? Your mortgage can help!

If you are looking at debt consolidation, to tidy up a personal loans and credit card debt and get rid of high interest rates, your mortgage could be the perfect tool.

With the right home loan, you can consolidate your debt under the lower interest rate of your home loan and minimise your monthly outgoings.

It is important to increase your mortgage repayments, so that you stay on track with paying off your mortgage at the time you had set out to.

We recommend you keep your repayments the same as the total repayments you were making on all your loans. Because mortgage interest rates are lower, you'll pay the total off quicker. And you will also avoid the complications of managing the different loans at the same time.
Image courtesy of hin255 / Freedigitalphotos.net


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