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).
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:
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 a financial 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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