We all have cars. Some of us boats, jet skis etc. Some with finance attached, some with EXPENSIVE finance attached. These are the ‘balls and chains’ that prevent us from really smashing down our mortgage faster, and with a little careful budgeting and reallocation of funds, there are ways to get these debts cleared so much faster. 99% of the time we are talking about a DEPRECIATING asset like a car etc. We can approach this in a couple ways:
If you are blessed with enough equity in your home, it might be prudent to absorb some or all of this debt into your home at the home loan rate. Now for the kicker – Pay exactly 
what you were paying on the higher rate to this new loan, and because you are in a much lower interest bracket you will engage debt reduction so much more by doing this.
Those of us with not so much equity there is a solution: Call up your bank and set your loan to INTEREST ONLY for a couple years. As your home is an APPRECIATING asset, it isn’t going to hurt you to not pay principal for this period, as you will recoup it anyway in the long term through capital growth. With your new found extra money from the lower repayment, choose the loan with the highest interest and 
focus on that one first. Pump the extra dough into that loan and pummel it to the ground. When that one’s done, focus now on “bad boy” number 2, and using the same amount of cash (pretending that loan 1 was still around) do the same to this loan, it wouldn’t know what hit it. You get the picture? As you are now USED to parting with this money (for ALL the loans as per the beginning scenario), keep allocating it to the next one until they are all gone. Once you have laid to waste all these tumour-like credit facilities, ring the bank, get your loan put back to P&I and off we go again. The beauty of this is now that you have no more debt, your lending capacity has gone through the roof and you may now be in a position to start investing in appreciating asset number 2, the only other asset that will aid your financial health in the future!!
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