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| Home>Home Loans>Useful articles and tips |
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| Consolidate your debts and save interest
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| Debt consolidation involves combining all your higher-interest debt into one low-interest loan usually your mortgage. Consolidating personal loans and credit cards this way is a sensible strategy that can more than halve the interest rate.
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The key to successful debt consolidation is sticking to a budget. The system works best if you aim to repay your debts sooner by making additional repayments. Oh, and avoid racking-up large amounts of credit once you've consolidated your debts, or you could find yourself overloaded with debt. Credit is extremely handy, so remember to use it wisely.
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