Whether it’s your interest rate on your home loan, a personal or car loan or your credit card, it’s really important to know what it’s costing you to be in debt.

And, importantly, if it could be costing you less.

Obviously the best thing to do is to get rid of debt – especially credit card debt where you could be paying around 20% interest. That’s bad debt!

If you can’t pay off your credit card, talk to your bank to see if they have a lower interest option, or, if you have a home loan, we can have a look at consolidating your debt into your mortgage. This is a great option to reduce the cost, remove the debt and roll it all into one monthly or fortnightly payment, but it’s not a good overall financial management option. Your best, and cheapest, option will always be to keep your credit card debt to an amount that you can pay off each month so that you’re not charged any interest.

We can also review your car loan, personal loan, business loan, investment loan or your home loan. Right now, money is cheap. Interest rates are the lowest they’ve ever been.

Now is the time to be making hay while the sun shines. If you haven’t refinanced recently, give me a call and we can have a look at your options. If you’ve got a great rate already or if you’re not in a position to refinance, do everything you can to make additional repayments if you have the ability to do so. It will whittle away at your principal, reduce your debt and the time that you’ll be repaying it.

Know your interest rates and make them work for you.