Debt is not a dirty word! It can actually help you save – if it’s the right kind of debt.
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Things to consider:
On one hand, there is good debt where you borrow to invest. While your investment grows in value and earns
money, the interest costs typically become a tax deduction. Good debt actually works for you.
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On the other hand there is bad debt where you borrow for a car, boat or use a credit card to buy items that
depreciate in value and don’t earn you any money. Of course it might be great for your lifestyle but you lose
twice here – the capital value and the interest you’ve paid.
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That’s why before you start accumulating assets, it’s important to check what you owe – how much, in what form
and at what interest rate. Then you can see whether you can arrange your debt more efficiently. And because borrowing
money can be risky you need to very sure about your ability to pay it back.
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How we can help you:
Review and analyse your current spending patterns, your financial commitments and debts.
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Identify your opportunities budget and save money.
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Help you consolidate your debt effectively.
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Recommend appropriate savings or investment products to achieve your goals.
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Look at ways of turning bad debt into good debt.
If you want us to help you review your financial situation
contact us today.