Weâ€™ve just entered the yearâ€™s most financially taxing month â€“ January. After the festive and holiday season spending spree most South Africans are faced with what seems like a mountain of debts to pay.
Economists are already forecasting a year of increased interest rates and a slowing down of property price growth. We could also see the cost on food increase by as much as 15% this year.
Unfortunately, in an attempt to solve their financial problems most South Africans tend to create even more Debt for themselves.
Faced with a higher cost of living this year should be all about financial discipline and trying to reduce your debts.
Things to avoid are Credit Cards and Personal Loans, these HIGH INTEREST short term loans are the easiest to secure but the toughest to settle.
If youâ€™re a homeowner, your first step should be to consider applying for a Mortgage Re-Advance. A re-advance allows you an opportunity to secure the funds needed to settle your most pressing financial needs.
The advantage a re-advance or further loan has over Personal Loans and Credit Cards is that youâ€™ll end up pay much less interest and you have a choice of paying the loan off over a longer term.
Speak to a Mortgage Consultant now about your Home Loan options. Click Here to complete your contact details.