| What are some effective strategies to reduce debt | |
| FAQ - About Financial Planning |
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The first step is usually to identify the two types of debt you have – Good and Bad or Inefficient and Efficient Debt. Basically, efficient debt is used to acquire assets that generate assessable income and will grow in value, the interest is tax deductible and income generated by the asset is used to offset the debt. Consolidating debt is usually the best way to reduce the interest payable, or pay off your inefficient debt sooner. Keeping it simple is the key! Set yourself a budget, stick to it and harness your cashflow to reduce your 'bad' debt as soon as possible. For more information on how to manage debt, please speak with one of our financial planners on 1300 55 10 45. |
| Last Updated ( Monday, 12 April 2010 16:33 ) |
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