Debt Management Services Oakliegh
We have tried-and-true ways to pay off debt faster. We'll work with you to consolidate your existing debts and restructure them so they're easier to handle. We'll also help you make a budget that lets you get control of your debt while still living the way you do now.
Good debt lets you buy assets that will go up in value. The interest on the loan is often tax-deductible, and you can use the income from the asset to pay off the debt. Some examples are investing in real estate, stocks, and managed funds.
Bad debt is debt that is used to buy goods, services, or assets that can't make any money and/or lose value. The interest on the loan isn't tax-deductible, and the asset doesn't bring in enough money to pay off the debt. Some examples are credit card debt (if it's not paid off during the interest-free period), personal loans to buy cars, and some home loans.
Wealth Creation With Mint Financial
Good debt is one of the best ways to start putting your money to work and making passive streams of income that will help you build real wealth. Mint Financial has many ways to deal with debt and make money that can help you reach your goals faster.
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Multiple loans will cost you more in interest and fees than necessary. Raising your mortgage can be beneficial if you use the extra money to pay down unproductive debt, such as credit card bills and personal loans. Your mortgage payments will stay the same, but you'll use the lower interest rate to pay off other debt.
Making your Savings Work Harder
Better Cash-flow Management
Borrowing to Create Wealth
After reducing bad debt, create positive debt. "Gearing" describes this. If you invest effectively and your assets develop in value, gearing helps you create wealth since investment income (and capital growth) pays off the debt and surpasses debt-service costs. Property or stocks are good investments. Borrow against your home's equity, take out a margin loan, or participate in a managed share fund.
As you pay off your home loan, you can use the equity to invest in shares or other property, turning bad debt into good debt that can be used to pay back the loan and provide tax savings. Any extra money can be put towards your mortgage to reduce interest costs.
Invest in a Managed Share Fund
A managed share fund is 'internally geared,' so you don't need an investment loan but can still profit from borrowing to invest. The fund management borrows at wholesale rates to invest in foreign or local share markets.
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We'll Secure Your Future Without Sacrificing Your Present By Helping You Plan & Achieve Your Financial Goals
Strategic financial planners that understand what is important to you, and guide getting you to where you want to be. Paying off debt, buying a house, starting a family? or a dream retirement? We can help get you there. Book your free appointment!