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.
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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.
Want to put some of our expert's strategies into action?
Fox Symes can help you take back control of large debts by consolidating what you owe.
Fill out this form to find out if you can benefit from:
- Reducing your repayments
- Saving interest
- A range of debt consolidation options
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and 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 of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.
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