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Are you worried about rising interest rates? Read it

The official interest rate rose again, this time by half a percent.

On a $500,000 loan, that’s $1,600 in extra payments per year, if banks pass on the rate hike in full.

If you are already in financial difficulty, here is some information on what to do.

But what if you’re OK for now but worried about the future?

Here are five ideas to help you manage your debt.

1. Make repayments fortnightly instead of monthly

ā€œJust making repayments every two weeks instead of once a month can save you a lot of money,ā€ says financial adviser Kate McCallum.

It’s all about timing. There are only 12 months in the year, but 26 fortnights.

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