Saturday, December 04, 2004

Debt Consolidation Tips and strategies

Get rid of Credit Cards. Cut them up and close the accounts, or live to regret it!

Have a Cash nest egg for emergencies. Increase the new loan repayment amounts so that the non housing loan components are paid off as per their original schedule or sooner. More information on debt consolidation strategies... "

Debt Consolidation Loan

Debt Consolidation Loan: "What is Debt Consolidation?

Debt Consolidation can lower monthly loan repayments for borrowers with multiple loans.

A typical borrower needs to consolidate their home loan, credit card debt, store cards, personal loan and and car loan into one loan. Consumers looking to consolidate debt comprise 11% of all home loan applications in Australia.

If you have equity in your own home to borrow against it may be possible to reduce your collective payments by as much as 50%.

The key to being able to consolidate debt is having sufficient equity in your home to cover the additional borrowings. It is this equity that provides your lender with security over the extra loans being folded into your home loan.

For people lacking in financial discipline, debt consolidation is only part of the solution to their problems. The root cause of the initial problem also needs to be addressed (see below) or debt can still spiral out of control."

Home Loan Tips for Australia

Most Internet information on home loans and real estate relevant to Australia is presented by lenders and realtors who are naturally biased in their viewpoint.

Our web-site is an attempt to produce a more balanced point of view based on personal experience in buying and selling property in Australia.

It details the types of loans that are available and the advantages and disadvantages of each - something the lenders are not always up-front about.