Borrowell offers fixed interest rates, meaning your regular monthly payment will never go up.
The current low-rate environment could come to an end, but your Borrowell payments won’t change.
This also means your debts are only charged at a home loan interest rate - which can be much lower than a credit card or personal loan interest rate.Before you decide to refinance your mortgage with a debt consolidation loan, seek help from a licensed mortgage broker or financial adviser.That alone could save you money, but most consolidation companies want your business so they offer you a lower interest rate.Just by consolidating you can save over 0 or more per month. Your fixed monthly payment also helps pay down your loan balance – so at the end of the 3 or 5 year term, your debt consolidation loan will be fully paid off.
One of the smartest things Canadians can do to manage debt is to pay it down faster than scheduled by making extra payments on your loan.
Paying off a home loan, car loan and credit card separately can be overwhelming and expensive.
If multiple debts are dragging you down, debt consolidation might be the answer.
With the news media increasingly publishing advice on how to survive lean economic times and with the average South African’s disposable income now 16 percent lower (in real terms) than it was in 2007, those struggling to balance their finances are advised to consolidate their debt into one single mortgage account.
Instead of paying huge interest rates on hire purchase items such as cars, the younger management sect put all their debt into a single bond, paying it off in most cases by means of monthly debit orders.
Credit card calculations assume a fixed monthly payment of 2.5% of the current balance.