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Ask your bank to do this one thing today and get out of debt faster

by , 09 January 2013

It's the start of a new year. Time to check your budget to look for thing you can save money on so you can grow richer this year. This includes finding unique ways to save money and get out of debt like this…

Fast track your road to riches by paying off your debts faster with this secret

Let’s say you owe R200,000 on your car and R25,000 in credit card, store card and personal loans. At the current interest rate of 8.5%, you’re paying around R50 less every month than you did when interest rates were at 9%.

R50 may not sound like much, but by paying an interest rate on your debts of 9% and not 8.5%, you’ll save yourself nearly R5,000 in total debt repayments and get out of debt 30 days faster.
In fact, not reducing your debt repayments whenever the interest rate drops is one of the best money tips out there if you want to grow richer.
If R5,000 doesn’t excite you, add in the money you pay on your home repayments and you’ll save even more.
For example, if you a R740,000 bond on your house, your monthly repayments will only be R236.08 higher if you choose to pay an interest rate of 9% and not 8.5%. But it means you’ll pay off your bond paid 20 months faster and save a massive R128,437.80 in the process!

Here’s how you get in on these savings.

Contact your bank today and ask them to make this one simple change today

Phone your bank and ask them to continue to debit the same monthly amount as they did when the prime interest rate was 9%. At the same time, ask them to set your account so that your monthly instalments don’t change the next time Gill Marcus reduces the interest rate.

Doing this will help you pay less and get you out of debt faster.

Discover even more ways to get out of debt, grow richer and save money today – sign up to our Rich Secrets email newsletter – at no cost – right here.

Ask your bank to do this one thing today and get out of debt faster
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