Scenario: Clients have several credit card debts and a personal car loan debt. Both husband and wife have good paying jobs and no children so have a good surplus cash flow position - they just have not been disciplined with where they money goes.The new goal is to buy a home and get out of the rental system.
So the dilemma: do they pay off the existing debt first at a faster rate or do they keep making the required payments and put the surplus cash into a savings account for the house deposit.In this situation, I assisted the clients in developing a strategy to make additional repayments to clear the credit card debts as soon as possible whilst also starting a small savings plan.
Normally I would recommend you clear all debts first before putting money into savings as the interest that you are charged is always at a higher rate that what is offered on savings accounts. In this case however, the credit cards can be cleared within 18 months and a small savings plan held in place over a few years will give greater lending confidence when the time comes to seek a home loan. For these clients, they can clear credit card debt, reduce car loan to manageable level and save up a house deposit within 3 years.
Everyone's situation is unique so if you know anyone who has this dilemma - let them know that in seeking professional advice they too can find the best solution to meet their goals.
In this situation however, the bank credit cards can be eliminated within 18 several weeks and a little benefits strategy organised in place over a few years will give higher loaning assurance when the time comes to search for a mortgage loan.
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