Tradies – How Refinancing Your Loans Can Create More Cash for Christmas

As Christmas approaches the thought of paying for presents and entertaining can be daunting, but simply by refinancing your loans you could have more cash on hand rather than maxing out the credit card.

Tradies finance expert Shane Smith said by refinancing high rate loans into lower rate facilities trades-people could have more cash to pay for Christmas expenses.

“People often end up hammering their credit card at Christmas time,” Mr Smith said.

“High credit card interest rates means this can lead to a huge debt that continues to be paid long after Christmas has gone,” he said.

“Reviewing your finances before Christmas can make the holiday period much less stressful.”

“Christmas can be a time when work dries up for tradies and other workers.”

“By planning for the quieter period now, you could save some financial pain later.”

“If you review your finances when your credit is good and clear there will be more options available.”

“This can result in lower monthly repayments and less interest as lower rate facilities will be sought after.”

“Refinancing your loans could have the added benefit of consolidating your loans into one, making them easier to manage.”

Mr Smith said despite the benefits of refinancing, people should be aware of some potential pitfalls:

Exit fees and penalties: Look out for these fees, especially on loans for cars and equipment.

Weigh up the total cost of refinancing: Sometimes a cheaper rate does not necessarily mean you will save – speak to a licensed finance professional.

Don’t leave it too late: Review your finances when your credit rating is high giving you every chance to secure the best products on the market. Refinancing when you get in trouble may only leave you with high interest rate options.

Mr Smith said people could be paying too much for their loans and there was a way of freeing up some cash.

“There is help at hand,” he said.

“Make sure you do it before it’s too late and make it easier on yourself for a stress free holiday period.”

For more information about refinancing your loans visit:

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