Graeme Holm is an MPA Top 100 Broker accolade holder. With the cooperation of the Infinity Group Australia team, he helps Australian families improve their financial health. Graeme Holm provides useful tips that help people reach high goals. Today, debt consolidation is a popular way for people to eliminate some of their financial liabilities. However, Graeme Holm advises people to avoid this practice. The reasons behind his advice were shared in a recent article along with some better suggestions.
Understanding Debt Consolidation
With debt consolidation, people pay one monthly sum to reduce their total debt. In some cases, this is done through a loan. A debt consolidation loan allows a person to pay off most debts and pay back the loan amount with an interest fee that is lower than those of each individual debt. This is especially beneficial for credit card debt since credit cards usually have high interest rates. With credit card debt, some people simply transfer their balances from their high-interest cards to a new card with an introductory offer of no interest. The zero-interest period usually lasts for a few months to a year.
Reasons To Avoid Debt Consolidation
When many people read about the process of debt consolidation, it sounds entirely beneficial. However, Graeme Holm warns Australians about the things that debt consolidation providers do not share upfront. For example, most people are attracted to the idea of paying a predetermined monthly sum that is based on a lower fixed interest rate. When companies advertise lower interest rates, the example rates are not guaranteed. Some people wind up paying much higher fixed interest rates, which means that they have steeper monthly payments.
A person’s credit score and credit history determine his or her rate. Also, low rates may not be permanent. This is true with promotional periods on low-interest credit cards. If the debtor does not pay down the balance by the end of the promotional period, the remaining amount will accrue interest at a high rate. The rate may continue to increase in the future.
Another reason to avoid debt consolidation is the long repayment period. A person’s top goal should be to get out of debt as quickly as possible. Consolidation loans are long, and companies that provide these services may also add significant fees. Although people are usually attracted to the idea of paying a smaller monthly amount, they must remember that the low amount means that the debt will take longer to pay off.
One of the most important parts of debt consolidation is preventing more debt. When people get consolidation loans, they often continue their irresponsible financial choices. It is vital to change any bad spending habits and to learn how to manage money better. Consolidation becomes a temporary solution but not one that will fix an underlying problem. When people accrue more debt as they pay off old debt, they begin a dangerous cycle that can leave them and their family members in financial ruin. Planning, budgeting and conscientious spending are important habits to develop.
Debt Consolidation Alternative
Graeme Holm emphasizes the importance of practicing smart financial choices. Infinity Group Australia teaches clients how to develop and maintain financial independence and responsibility. Clients learn how to change bad habits quickly because they see the consequences. This is one of the key elements of the organisation’s long-term plan for creating wealth. Infinity Group Australia identifies each client’s needs and the needs of the client’s family. With this information, the organisation works with clients to create weekly budget plans for all essential and non-essential expenses. As time progresses, clients receive monthly reports that show their progress and achievements. If adjustments must be made, the organisation helps with that.
Infinity Group Australia Reviews
According to one client, the organisation’s unique approach requires more work from clients. However, the results are lasting and are easy to see quickly. Some clients are happy that they must do more work because it teaches them the importance of being more proactive in protecting their own finances and security. Clients also praise Infinity Group Australia for helping them get their finances and their spending habits under control. One couple said that they were finally able to see the light at the end of the tunnel after 18 years of struggling with debt. Another customer said that the organisation helped him reduce his home loan term and helped him get a self-managed super fund to supplement his retirement strategy.
One woman wrote that her kids were happier because she and her husband were happier. They were able to laugh and have fun again with more financial freedom. Another customer praised the organisation and reminded readers about the dangers of using debt consolidation as a long-term solution for paying off debt.
Graeme Holm and Infinity Group Australia do not promise clients that the path to a debt-free life will be easy. They do promise that they will work hard for clients and will help them reach their goals. The company has a policy of putting customers first and treating each individual as a top priority. When clients make goals, they become the goals of Infinity Group Australia’s team as well. Graeme Holm views the company’s relationship with clients as a partnership and believes in collaboration. When the organisation helps people build long-term plans for success, it uses a customised approach. The added benefits of weekly budgets, monthly financial reports and on-demand financial advice ensure the success of every client who makes a strong commitment to get out of debt.
Infinity Group Australia Helps People Attain Financial Independence
Graeme Holm is Infinity Group Australia’s director. The company has locations in the following cities:
- Melbourne
- Brisbane
- Cronulla
- Bella Vista
- Port Macquarie
Graeme Holm’s finance career spans nearly two decades and multiple industries. He spent the first 10 years of his career in a Big Four bank. During his time there, he learned that many Australians lived from paycheck to paycheck with little relief. When they faced unexpected expenses, they were often unable to pay their regular living costs. Also, Graeme Holm learned that people often made only minimum payments for their home loans that had 30-year terms. This made him frustrated enough that he vowed to find solutions. He watched many families suffer and go through hardships because they were unable to pay their bills and their debts, and he was sad to see people acquire new debts when they could not cover unexpected expenses.
When 2013 arrived, Graeme Holm developed an idea that blended his desire to help Australians free themselves from debt with his financial expertise. He started Infinity Group Australia and opened the first office. In the beginning, the company only had a few desks and a few employees. However, Graeme Holm built a strong client-focused company culture. His idea to put customers first in all aspects flourished, and business quickly picked up for Infinity Group Australia. In a short time, the company expanded to its current total of five locations.
Infinity Group Australia uses a special in-depth interview approach that gathers information about clients’ debts, spending habits and needs. The organisation views these as puzzle pieces to a picture, and the finance experts develop special plans for each person to achieve financial success based on those factors. The company does not simply develop a plan and leave customers to deal with monthly payments. It provides dedicated review services, advice and support. With this support, people can maintain their plans, adjust their goals as necessary and attain a debt-free status.
With the help of Infinity Group Australia, clients can pay off an average of about $40,000 in debt within one year. In only a few months, 100 percent of the organisation’s clients pay off more of their mortgage balance than they did during the past year. During the last 12 months, the company has reduced its clients’ mortgages by a total of $6.3 million, and it has helped its clients take off a cumulative amount of 3,376 years from their mortgages. The company’s team members often describe Infinity Group Australia as a personal trainer for financial fitness. On the main page, the company compares a financial assessment to a regular health checkup. It offers a free five-minute financial health assessment with the click of a button. The assessment is a short test that asks prospective clients some basic questions about their finances, their needs and their spending habits.
