Why You Need To Pay off Your Student Loans HECS Debt ASAP!

hi guys so this video is all about why you need to pay your headset off as soon as possible now if you’ve borrowed money to invest in your education this is really one of the best loans your order ever taken you’re invested in your personal growth your intellectual growth your training your education your knowledge and your experience and of course the investment in education increases your potential for greater earning capabilities which of course improves the economy however because it’s probably one of the greatest loans it’s easy to have one of the most complacent blase relaxed attitudes about paying it off the way that these loans instructors you get automatic acceptance and the interest rate is incredibly low it’s just the indexation so it is so easy to forget about it and just bury your head in the sand and not worry about it but I’m going to be really honest with you you actually need to step up and paddle so this video is all about why you need to pass your hex debt as quickly as possible and of course if you’re thinking about paying off your hex debt make sure you’ve got rid of all your other toxic debts first as a party so no credit card debt no car loan debt no personal loan debt if you’ve got rid of all of that you can then move on to your hex debt reason number one hex actually is a load and it does incur interest the loan is actually indexed to the CPI so for example say your hex tip is twenty thousand dollars and say the indexation is three percent per year that means that in the first year alone your cost of that loan is increasing by six hundred dollars a year and that six hundred dollars is not tax deductible which means if you on say the marginal tax rate exceeds 30 percent you need to earn nine hundred dollars just to cover that indexation now I don’t know about you but I would much prefer that six hundred dollars in savings in my pocket or even going towards thousand dollar product rather than going to the ATO so if you think your hex debt doesn’t incur any interest you are completely wrong I’m really sorry and if you don’t make repayments is going to continuously grow and I’ve told you before the bigger the loan the harder it is to pay it off and the longer it’s going to piqué so get in there quickly make the dedication to pay Daniel text as quickly as possible and start today reason number two it impacts your ability to borrow money when you want to go out and buy your first home or borrow money to say invest the banks will find out you have hex debt and they will take that into consideration and working out how much money you can afford to borrow now when you want to go and borrow money to do exciting things you want to be able to do it on a clean slate having that hex debt haunting you is not a good idea so your hex debt should be a priority and paying it off before you move on to borrowing other money reason number three is the rapes main change we are seeing the government remove all the loopholes that were previously set before for example people who did their tertiary education in Australia and then moved overseas to work haven’t needed to make repayments on the hex bet now this has changed the ATO are now actually chasing those people and making them repay their hex debt just because you’ve left the country doesn’t mean you can leave behind your head step now it is highly likely though over the next few years the government may change that indexation rate they may put it to a nominal marginal rate and I would suggest that probably going to be a little bit higher than the current rate so why don’t you get in now get ahead of the game and make repayments today will mean that you can pair this one off a lot quicker reason number four is simply peace of mind waking up knowing that you don’t owe heck’s debt whether you’d like to admit it or not I guarantee that hex debt does haunt you yes you might tell yourself oh it’s only a very small interest rate or you may even falsely tell you that there’s no interest rate that’s simply not true you promise you will feel so much better when you step up take responsibility and pay for the education that you’re enjoying the benefits of today and reason number five is it simply frees up your cash flow when you have finally paid off your hex debt exciting things happen you no longer have your employer taking your payments out of your after pay tax which means your net pay is now going to get bigger you also may start getting tax refunds great think about all the things you can do that money you might want to use it to pay for a holiday you might want to buy yourself a little treat lit you might want to put that my superannuation that you can retire earlier you might want to use it to pay for a deposit on a home loan there are so many things you can do with freeing up that cash flow and these are things that you can use to your financial advantage but you’re going to feel good about and in control and empowered with also one little point I want to make out say for example your heck step is said twenty thousand dollars and you are earning say fifty five fifty six thousand dollars a year the government automatically is taking about two thousand two hundred and forty dollars out of your pay to try and pay that debt off so if your employer is taking money out you think I’m doing the right thing you know I’m at the I am paying off my heck’s debt my employers doing it for me I want to give you a little wake-up call under a payment structures of government has in place because it can only be between four and eight percent of your salary obviously the government can’t take all your laser power hextech suppose you need to live it’s going to take you over ten years to pay off that $20,000 debt now that is simply insane why would you want to waste ten years of your precious life taking forever to pay for your heck’s debt what I’m trying to say is step up take control take responsibility feel good feel empowered that you are going to pay off your hex debt today you can put in place today small little things are going to make an amazing difference and actually make you feel better and more control about your financial future remember the heck step system has enabled so many Australians to actually benefit from educating themselves it is your responsibility to pay this debt off now that you’re in the workforce and one little cheeky tip is try and make voluntary repayments before the 1st of June because that is when they apply that indexation rate to your total debt for your information a while ago I actually made a video on how to pay off your hex debt fast so I’m going to make sure you link it in the description box below for you and remember paying off and exit is something you should be proud of because you’re doing the right thing you have hexed it I want you to call the ATO and find out exactly how much you owe and then go through a budget and work out a voluntary repayment plan where you can pay it off sooner and then move on to enjoying the fruits of your hard work I hope you enjoyed these videos if you know anyone with hextech that needs to know about this make sure you share it with them and I will see you later in the week for lifestyle up or next week for more money Monday Chavanel

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