CONSOLIDATION OPTIONS

CREDIT CARD BALANCE TRANSFER

Plus

Zero or low interest rate applies for the introductory period – a chance to get ahead with the debt.

Minus

The “revert” rate that applies once the introductory period expires is often high – in some cases equal to the cash-advance rate. You need to be prepared to cut up the old card and avoid reloading the new card with fresh purchases.

PERSONAL LOAN

Plus

The set term provides a clear date when the debt will be paid off. Repayments are fixed and easy to budget for. Short terms can provide savings on interest. May offer option for extra repayments that help to pay off the loan earlier.

Minus

The rate is likely to be higher than for a home loan. Watch out for upfront and ongoing fees that add to the cost.

HOME LOAN

Plus

Rates are among the lowest available. Most loans allow extra repayments to help clear the debt sooner and cut interest costs.

Minus

The lengthy term will inflate the total interest cost unless extra repayments are made. Only available to home owners with a reasonable level of equity.

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