After the festive season spending, with the credit cards stretched to the max, the end of holidays means the bills come due. Now is a good time to develop a strategy to balance the books says Stuart Turner, Credit Adviser at Centric Wealth, part of the Findex Group. “One simple, profitable

step is to consolidate your personal debt into your mortgage, says Mr Turner. “It is a good way to save substantial interest penalties by paying off credit cards at lower interest rates.” “The jump in card debt over the holidays can skewer all household budgets especially when credit card rates are up to 21% or more, so it is makes good sense to consolidate your debt where you are paying the lowest interest.” “Providing you have reasonable equity in your home, this is almost a no brainer”, says Mr Turner. “The essence of the strategy is to increase the mortgage on your family home and use the funds to pay of inefficient (non tax deductible) debt such as personal loans and credit cards high cost. Assuming a young family has a home valued online casino at, say, $900,000 with a mortgage of $600,000 and $20,000 in credit card debt and another $20,000 in personal loans the following is recommended. Increase the mortgage to $640,000 and use the $40,000 to pay off the credit cards and personal loans. With mortgage rates at an average of around 4.50% and personal loan at 13% and credit card debt at19% the family could save more than $24,000 interest charges as shown in the tables below. “Saving $24,000 with such little effort has to be one of the best investments you will ever make,” says Mr Turner. Please visit Centric Wealth website for more information: http://www.centricwealth.com.au About the Findex Group: The Findex Group is Australia’s largest non-aligned and privately owned financial advisory company. It has businesses across the spectrum of the advice industry including middle range, high net worth, public sector and online. Findex Group businesses have more than $15 billion under management. Findex has been awarded the IFA Excellence Awards for best dealer group 2014 and listed in the BRW 2014 Most Innovative Companies list. More about the Findex Group: www.findexgroup.com.au For all media queries please contact Shed Media: Simrita Virk: 0434 531 172 or Peter White: 0416 041390 Shed Head Office: 02 9247 8533

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