Hi All,
I have a serious dilemma which I am hoping I could get some help with.
My circumstances:
28 year old single male
Income = $71,000 (approx. $100,000 with over time)
PPOR worth $265,000 (debt = $207,000)
Credit card debt = $24,000
Personal loan debt = $6,000
I am looking at the alternatives to consolidate all my debts. I want to eliminate all credit card and personal loand debt ($30,000) as trying to keep up with repayments is a real struggle at the moment.
I have inquired with my bank who said that I could get an increase on my home loan from $207,000 to $237,000 to eliminate all my debts.
This sounds like an appealing option, however I am very keen to invest in property and I am wondering what the effects of doing this method of debt consolidation will have on my future potential to invest in property. If it means that I won't be able to invest in further property for 2 years or so then I am not too sure that I would like to go down this path.
Is there somebody who has been in this situation before or somebody who could inform me of the best method to eliminate my credit card and personal loan?
I have a serious dilemma which I am hoping I could get some help with.
My circumstances:
28 year old single male
Income = $71,000 (approx. $100,000 with over time)
PPOR worth $265,000 (debt = $207,000)
Credit card debt = $24,000
Personal loan debt = $6,000
I am looking at the alternatives to consolidate all my debts. I want to eliminate all credit card and personal loand debt ($30,000) as trying to keep up with repayments is a real struggle at the moment.
I have inquired with my bank who said that I could get an increase on my home loan from $207,000 to $237,000 to eliminate all my debts.
This sounds like an appealing option, however I am very keen to invest in property and I am wondering what the effects of doing this method of debt consolidation will have on my future potential to invest in property. If it means that I won't be able to invest in further property for 2 years or so then I am not too sure that I would like to go down this path.
Is there somebody who has been in this situation before or somebody who could inform me of the best method to eliminate my credit card and personal loan?