If you have multiple personal debts, you may be wondering: what is the simplest way to pay back what I owe?
Reality is, its totally up to you.
But there are some financial hacks which may help you save on interest and make your repayments more convenient.
What is personal debt?
When talking about personal debt we mean things like personal loans, car loans, credit cards etc.
Generally speaking, mortgage debt doesnt fall into this category as home loans tend to be of a longer period of time and operate a bit differently when it comes to consolidation.
At the moment, the average rate across personal loans and credit cards on the Mozo database are as follows:
- Fixed personal loan: 7.36%
- Variable personal loan: 5.05%
- Car loan: 6.68%
- Credit cards…
Read the full article at: https://mozo.com.au/personal-loans/articles/personal-loans-is-it-best-to-consolidate-debt-or-pay-it-off-separately
