The best way to pay down $50,000 in debt
Debt can creep up on you, so what do you do when it hits $50,000? Learn how to pay off $50,000 of debt.
Debt always starts out small, and while for many people it doesn't grow into a big problem, for others it does. This page discusses expert-approved strategies for paying down a large sum of debt. To find out the best ways to pay off $50,000 of debt, follow this guide.
The $50,000 problem
Joe and Lillian are in an enviable position as homeowners. They purchased a house 12 years ago for $287,000 and currently have a variable rate loan with ANZ. They have $130,000 in equity and $157,000 in principal remaining. Their net household income is $64,168.
While they have assets, they also have considerable debts. At the moment they have a $20,000 debt on their HSBC Platinum credit card and a $30,000 car loan debt with Bankwest.
Visit Robert Dawson's website Insight Investment & Retirement Strategies: iirs.com.au
Lesson learnt: Getting into debt is easier than getting out
Where to next? Explore some of our other guides about debt and financial management.
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
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