How to weather the financial storm……
Cut your monthly costs by consolidating your accounts and debt into your home loan.
Use the equity in your property to consolidate your accounts.
Equity is the difference between a property’s market value less the outstanding bond amount.
You purchased a property and bonded it for R600 000. Since then you have paid in and and decreased the loan amount to approximately R450 000, whilst the market value has increased to R850 000.
This means you have equity of R400 000 in your property. This equity could be used to consolidate your accounts. Here’s how:
*The credit card installment is based on a revolving amount and is calculated at 10% of the outstanding amount.
Note: The above is an illustrative example. It is indicative only and uses approximate amounts.
The plan is designed specifically to help you recover from your current negative monthly cash flow to a more positive, stable and affordable position. And in doing so, solve your short term financial problems.
If there is anything we can do to help you – Don’t hesitate to give us a call TODAY !
If you are interested in seeing how consolidating your debt might work for you, there is a convenient online debt consolidation calculator at moneycentral.msdn.com.
Your debt ratio is an important number to be acquainted with. It tells you how your monthly debt payments compare to your monthly income. A high debt ratio might indicate that your monthly expenses are becoming unmanageable.
It also might discourage lenders from loaning you any more money. Use the Debt Evaluation calculator to determine whether your debt ratio is acceptable or too high.
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Olemera Financial Advisor South Africa would like to join the conversation around the ever-present COVID-19.
As we aim to educate ourselves on safety measures and precautions, we find it equally crucial to share such information with our readers so that we can work together to actively mitigate the spread of this infectious virus.
Read More ...Posted by Gary Walker on Friday, March 20, 2020 Views: 66