Money & You

Customer Story: So you've hit a debt wall. Let's get you a ladder!

June 16, 2023

So you've hit a debt wall. Let's get you a ladder!

It's a funny old thing, debt. Some of it's really good. When you've borrowed money at a fair rate to buy something that's going to be valuable for a long time, and you're well on top of the repayments...sweet!

Buying a house or investing in your tertiary education are great examples. Even when rates are high, they're not ahorror show, and you get to live in the house or use your education to make abetter living. The house could even go up in value too.

That's the sweet side of debt. Used well it can help you get ahead.

Sometimes though, debt can be a barrier to getting on with life. That can look different to different people, but usually it means lots of repayments to different lenders for different things, at interest rates that quickly chew up a lot of your repayments and even fees that can grow the debt faster than you can pay it off! Payday lenders, credit cards and buy now pay later schemes can fall into this group (if you don't pay off the whole balance).

How a financial reset can get you over that debt wall

When all of those different debts and repayments add up, it can be hard to see over the debt wall. That's why Money Sweetspot is here!

Our financial reset is like a ladder that helps you climb over that wall, get out of debt and never look back. Here's how it works:

  • We bundle up all your debts into a financial reset loan from $2,000 to $40,000 and pay off everyone you owe money to.
  • You get one new loan, often at a lower interest rate than you've been paying, and make just one regular payment.
  • We also offer free financial education plus incentives for staying on track, and sweet charity rewards. You can read more about that here.

Sweetspot in action: The Patels

The Patel* family moved to New Zealand five years ago, and while they loved the place as soon as they got here (of course)finding full time work took a lot longer than they thought it would. The family recently got New Zealand residency and moved to Palmerston North, where they had good job offers. However, the cost of the move and the residency process left them with several loans, multiple monthly repayments, and high interest rates.

After working with the Money Sweetspot team, they combined their debts with afinancial reset loan, reducing monthly repayments from $1,605 to $1,056, and the average interest rate from 28% to 15%.

A new town, new jobs and more than a third off their monthly debt repayments... sweet outcome!

*This is an actual customer story but names and location have been changed.

 

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Money Sweetspot provides financial reset debt consolidation loans to help you take charge of your financial life, reduce debts and get on with living.

You are protected by responsible lending laws. Because of these protections, the recommendations given to you about our loan products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed. Responsible lending criteria, rates, fees and contract terms apply. For more information visit useful information.

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