Consolidating your debt can sometimes put you in a better financial situation. You may be paying a higher interest rate on your home loan, and may have accumulated car loans, personal loans and credit cards over the last few years.
For some people, this may be beneficial and increase their cashflow in the household. For some people, paying the extra interest may not be to their liking. It will come down to your financial goals and where you would like to be as well as your life stage.
Some families may have upcoming changes due to COVID. Work situations may have changed, with fewer hours under “work from home”. Or you may have the main income earners employment suffer from the stop/start or Jobkeeper or Jobseeker. Change of industry can cause some families to reconsider their financial situation. Some clients are choosing to study and change their field as well, which can mean you could become more conservative about the level of debt you have.
If you would like to know more about the interest rate you are currently paying and how you will be affected, please have a chat with us.
Each situation is different, and you might be pleasantly surprised about your options