We are increasingly becoming a society dependent on credit and in particular credit

cards. This is a direct result of clever marketing campaigns, softening lending

policies and the convenience associated with credit cards.

Our parents all lived in a \’savings\’ based society, where if they didn\’t have the

cash they didn\’t buy it! These days we are continually being exposed to direct

marketing and easy access to credit. This has resulted in us transforming into a

\’credit\’ based society, where if we don\’t have the money we just put it on credit and

worry about paying for it later!

One of my clients Daniel owned a house with a mortgage and after reading about the

option of refinancing his home loan, he decided to contact one of our fully qualified

refinancing specialists to find out more about how refinancing his mortgage might be

able to help him reduce his monthly repayments and pay less interest on what he owed

on his credit cards.

Daniel was making a repayment each and every month of $400 to the credit card

companies, with an interest rate on his credit cards of 16%.

We did some calculations for him and found the following:

He would pay $9,484 in interest before his credit cards were clear.

It would take 5 years and 9 months to pay off the cards if he didn\’t make any more

purchases with them.

Daniel wanted to reduce his monthly repayments to $300.

By refinancing his home loan at 7% and consolidating his credit card debt into the

new mortgage it changed the figures quite dramatically:

He would pay only $4,153 in interest charges, less than half the previous interest

charges.

It would take 6 years and 2 months to repay his credit card debt, slightly longer,

however he would have an extra $100 to spend each month during that time.

If Daniel had decided to continue making repayments of $400 then:

He would pay $2,895 in interest and;

It would take him only 4 years and 4 months to pay off the debt.

Every day we are assisting clients like Daniel lower their credit card debt.

Due to the fact that every situation is unique its important you let one of our

qualified refinancing specialists help assess your situation and in turn provide you

with the available options.

Click here NOW to get your free quote!