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.
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