Debt consolidation is the third step in our Life Plan and involves looking at the amount of debt you have and working it into a more manageable solution. The purpose of which is to reduce debt down as fast as possible in the most efficient manner as possible.
For example, if you have a credit card debt with $5000 owing on it. You would be paying $150 per month just on the interest alone. However if you were to move that to a cheaper form of finance like your home loan or a person loan then you would only be paying around $20 per month. Thats a saving of $130 per month and a much more manageable way to reduce the debt faster as more of your money can go towards the debt rather than the interest.
Keep in mind there is good debt and bad debt too. Good debt is debt that you have acquired to either purchase an asset that grows in value and or a form of funding that gives you tax benefits. This is something we at Wealth Works will take into consideration.
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