Three months of freedom
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The start of the year is a great time to rethink your finances, start your savings plan and simplify your life.
At The Community Mutual Group, we understand that the Christmas and New Year period can cause a bit of a strain on your finances. If your credit card bill is causing you nightmares, or you have a number of small loans that would be easier to manage if they were rolled into one, now is a great time to talk to us about a convenient debt consolidation loan.
A debt consolidation loan lets you combine a number of personal loan or credit card debts into one convenient loan. This can often save you interest when compared to a credit card or store card and it also means you only have to make one convenient repayment. Plus, our free Direct Pay service can make your loan repayment automatically when your salary is credited into your account. Now that's easy!
And the best part is, for a limited time only, when you take out a debt consolidation loan you can elect to make no repayments for the first three months of your loan! That's right, not only do you get the chance to save on time and money, but you can take a break from your repayments for three months and get your finances back on track. You can use the money you'd usually spend on your loan or credit card repayments to go on a holiday, enjoy the post-christmas sales or even save it for a rainy day – the choice is yours.
Take control of your debts today! Call us on 132 067 to apply over the phone or click here to lodge your application online. But be quick, as the sooner you apply, the sooner you can start enjoying your three months of freedom.
How to get your debts under control and save almost $15,000 in the process!
Do you have a credit card that you can't seem to keep under control?
We all know that credit cards can be a great source of short term finance, but they aren't designed to be a long term solution to your borrowing needs.
One of the main things to avoid when using your credit card is having a large balance while only making the minimum monthly payment as specified by your credit provider – this can result in you paying a significant amount of interest while not making any real impact on the amount of money you owe on your card.
For example, if you have a credit card debt of $10,000 at an interest rate of around 20% (a common credit card interest rate offered by the big banks) and only make the minimum monthly repayment of 2.50% each month, it will take you approximately 30 years to repay your initial $10,000. You will also pay almost $18,000 in interest along the way!
By comparison, by taking out a debt consolidation loan with CMG and committing to a regular repayment plan, you could have the same $10,000 debt repaid within four years having paid only $3,600* in interest during the course of your loan. Imagine what you could do with the extra $14,400 that you won't be paying in interest! The graph below shows the total interest paid using both of the above scenarios.
There has never been a better time to consolidate a number of debts into a single, convenient CMG Debt Consolidation loan. For more information, visit your nearest branch, call 132 067 or logon to www.communitymutual.com.au.
* Terms and conditions, fees and charges and normal New England Credit Union Ltd lending criteria apply.
Credit card repayments calculated at 20% p.a. with a minimum monthly repayment of 2.5% or $20, whichever is greater. Debt consolidation loan amounts calculated at 15.99%p.a. with weekly repayments over a four year term.
