Secrets to Paying Loans and Debt Faster

Do you have debt that will not go away? Is the total interest on your loan more than what you borrowed? Are you left with no money for yourself each week?

Let me help you with some secrets on how to pay your loan faster. You can apply this with your mortgage, personal loans, consolidation loans, car loans and so on.

Secret #1 – Select a 25 or 30 year period so your repayments are smaller and manageable. This trick largely improves your cash flow.

Secret #2 – Make more payments (amount and/or frequency) than the minimum repayment due. This will keep you ahead of your payments and increase the time at which you repay the loan.

Secret #3 – Use financial tools such as repayment calculators to work out how much a difference additional repayments can make on your loan.

Secret #4 – already if interest rates go down, you should continue to make the original repayment amount so you keep ahead of the loan.

Secret #5 – If possible, organise for your salary to go straight into your loan account in order to reduce interest. If you need some money, set up a redraw facility or link a debit card to it.

Secret #6 – Consolidate all your debt and loans into one loan that you can effectively manage and make one repayment to.

Secret #7 – Put any additional income or money you have into the loan right away. This helps you repay your debt as soon as possible and minimise the interest charged.

Secret #8 – Try to save up the cash first before purchasing something as it prevents your reliance on debt and loans. You should come up with the most amount possible for a place.

Secret #9 – Seek expert advice from a good Financial Adviser or Accountant.

Secret #10 – Have a budget, set goals and stick to them no matter what!

These are some real secrets that the experts and investors use to pay their loans and debt faster.

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