Posted by: Ian Wason | 2013/06/20 13:43
If you qualify for
an extra bond, and feel you can afford it, it could be a good option.
The interest rates
will definitely be lower than that of your other, short-term debt.
instalment is also likely to be lower.
Just keep in mind
that the bond repayment period is much longer (15-30 years) than for short-term
debt (0-5 years) and you therefore will be paying back a lower amount over a
longer period of time.
If you do go this
route, make sure that you do use the money to close off those debts and not for
anything other than that or else you will find yourself in a worse off position
with the new long-term debt and the short-term debt outstanding as well.
If you have the affordability, you can always try
to get a consolidation loan from one of the banks.
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