Debt is an integral part of any wealth creation strategy. In fact, in today’s world it is impossible to develop a sound financial plan without it. But not all debt is created equal. In essence, there are three types of debt.

Debts such as credit cards, pay day lenders and after-pay products are areas where leakage occurs.

Not only are they used for non-asset generating purposes, but the interest rates are much higher than other forms of debt, so they eat away at your hard-earned income.

A mortgage on your home, whilst being a large debt, not only provides you with somewhere to live, but with an asset that will increase in value over the course of your ownership, making it a more useful form of debt.

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The most productive form of debt is borrowing to invest in an asset that produces income.

This might be a business, shares, or an investment property. A Debt Management plan will establish what your liabilities are, consolidate and reduce debts where appropriate, and provide an effective structure which minimises unproductive debt and helps manage cash flow.

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Small Business Owners

Managing debts within a small business can have significant impact on cash-flow and the ability of the business to react to market opportunities. The right funding can smooth seasonal income variances, provide money to invest back into the business, or help growth and diversification.

Manly Financial Services have the understanding and expertise to help you evaluate your current debt, and restructure to minimise leakage and maximise productivity, ensuring your future financial success. If you feel your debts require restructuring contact us.

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