We seem to have entered an era of persistently low interest rates. Who would have predicted several consecutive years during a time of economic growth with home loan rates below 5%?

You can treat these low interest rates as a windfall and cruise through life with a higher debt load than before. Or you can use low rates as an opportunity to pay down debt while the economic climate is sunny. I recommend the latter.

Here’s the process I have followed to get rid of debt faster.

First, look at all the small, regular expenses that leave your bank account each month. I reviewed my outgoings and realised I was paying for satellite TV I hardly watched. $100 a month to Sky to watch one game of rugby hardly screams ‘essential.’

Identify these lazy expenses (I can help you with this) and then cut them.

Next, put the money saved against any debt. Get rid of any credit or store card balances, and then ramp up your home loan repayments. You may have to change the structure of your home loans, and this is something I can assist you with.

Now is the time to take steps to pay down debt. If you follow the process outlined above, you’ll hardly notice any difference in your lifestyle.

If you would like to review your household expenses, come in for a sit-down session, and we’ll put together a plan that enables you to pay down debt faster.

Make an appointment