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Debt is a powerful tool it has the ability to get us the things that we need and want today instead of tomorrow. The catch is that whatever we borrow today we need to pay back tomorrow and with interest.

Interest is the thing that can cause problems if not managed correctly.

There are two types of debt: good debt and bad debt.

Good debt is when you borrow money with the objective to create wealth. For example starting a business, buying an investment property, purchasing International or Australian shares. To find out more go to Borrowing To Invest.

Bad debt is when you borrow money to purchase items that don’t produce any investment returns and are usually spent on wants e.g. holidays, technology or necessary evils like a new car.

Sometimes these debts can get out of control and can include credit cards or multiple credits cards, personal loans, car loans or a sizable mortgage.

Debt Consolidation

If you feel that your debts are starting to get out of control then we can work with you to identify opportunities to replace several debts (loans) into one loan that is simpler and easier to manage.

In addition we can work on a debt reduction plan that looks at all of your expenses. By working smarter and understanding what assets and income you currently have and how you are spending your money or allocating your resources we can identify opportunities to assist you with meeting your debt commitments.

Benefits include paying out your loans quicker, saving on interest, freeing up cashflow to improve your lifestyle and make living week to week a little bit easier.

To find out more about managing your cashflow go to Budgeting and Cashflow Management. Alternatively contact us now.

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