Danielle’s got a big heart. She took out her first loan to accompany a friend on an emergency overseas trip for a family crisis.
A money gun, she paid that loan off in just two instalments (thanks to a tax refund windfall). We’re pretty sure that’s a MoneyPlace record.
A few months later, a house move triggered a “deep dive” into her “terrible spending habits” and a plan to get out of credit card debt.
With $7000 of credit card debt, Danielle came back to MoneyPlace to consolidate her debt and reduce her repayments.
She’s now on track to be debt free.
How did you do it?
“It was always going to be a bit confronting; it’s so much easier to swipe your card and wonder where everything is going later.
“When I looked at the MoneyPlace loan to refinance my credit cards I wanted to make sure my repayments would be less overall. I was paying off $200 a month onto the cards, but it was being destroyed by fees and interest charges. It was feeling like for every step forward I was taking two steps back.
“Consolidating the loans means I can afford to pay off my debt as well as start to save.”
Did you have to sacrifice to get ahead?
“I love traveling, I always have, but I’m going to be a lot more restrained with my new budget regime. I’ll still be traveling but not as regularly.”
Lessons from Danielle:
Consolidate your debt: it might seem like it won’t save you much, but on average, MoneyPlace saves people like Danielle up to $5600 in interest repayments.