The recent announcement of lower interest rates by the South African Reserve Bank has brought a wave of relief to homeowners across the country. While many may be tempted to reduce their monthly bond installments, there is a compelling case to be made for taking advantage of this opportunity to accelerate the repayment of your home loan. By maintaining or even increasing your payments, you can significantly shorten the term of your mortgage, save thousands in interest, and achieve financial freedom sooner.
To be debt free, can put you in a position where you can dictate, negotiate prices or interest rates. You can decide when to replace an article. Replace your car when you want to and can still get a good price. If you are in debt, you can not really make the call when you want to. To read the full article, click here