Debt Management

There can be a misconception that debt is ‘bad’ and should be avoided wherever possible, and there’s no question it can lead to financial pain if not used and managed wisely. However, the key is to make debt work for you, not against you. After all, few of us could afford to buy a home or go to university without undertaking some form of debt.

In some cases, debt can be a positive and effective financial strategy to help you enjoy a better lifestyle now, since it allows you to purchase goods, services or assets when you don’t have enough funds of your own. Debt may also be used for financial gain by adding scale to your investments.

Your Financial Adviser can help you put a debt management plan in place, to assist you to get on top of your finances. This plan may involve exploring such scenarios as:

  • Do you have an understanding of your overall debt position and how does this compare to the “average Australian”?

  • What strategies are available to minimise the interest expense on your loans?

  • If interest rates rise by 2% can you afford to maintain your level of debts?

  • If you lose your income can you continue to make the loan repayments?

  • How long will it take you to pay off all your debts?

  • Can or should you use debt to build wealth?

 

We can help. Call us today on 1300 342 923
 

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General advice warning
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.

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