The key to solving debt problems is to take the simple action steps outlined in this article.
It's not rocket science, it almost seems too simple.
So, what's the plan?
Step one: Know your exact debt position
- Bank limit
- Interest rate.
- Monthly payment
- The total outstanding balance on all loans.
- Total monthly loan repayment.
Step two: Get a quote for a consolidation loan through a Mortgage Broker. (Not the bank)
- Amount to be borrowed.
- Name of lender
- All loan fees,
- Loan interest rate.
- Loan monthly payments.
- Term of the loan.
- Restrictions or costs on early repayment, extra monthly payments.