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Mr. and Mrs. S. consolidated all of their outstanding debts into one flexible facility and directed both incomes into that account. Prior to this there was a surplus but a large portion of it was
being wasted.
The new monthly surplus was directed to the loan principal, thus reducing the interest payable even further.
Had they known, this couple could have bought a small second-hand car every year with their interest savings instead of blindly handing it to the bank. Of course their Bank said nothing!
Note ..........
Always pay off the debts with the highest interest rates first, if all debts can't be cancelled at the beginning.
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