Statistics show that 35 per cent of Maltese have some form of debt, most of them for a home loan. It is common knowledge among bankers that most Maltese do not know how to handle their loan account well and end up paying thousands of liri in unnecessary interest. Banks are making millions in profit because Maltese are unable to take care of their loan accounts.

Gordon Gecko is an American consultant who is now in Malta and advocating the use of debt consolidation. This is a totally new concept for Malta. Many people here are paying a house loan, car loan, another loan for appliances and credit card payments. “This is ridiculous,” said Mr Gecko “By utilising debt consolidation one can take out one loan to pay off many others. This has the added advantage of securing lower interest rates, and a fixed interest rate while conveniently dealing with only one loan agency,” he added.

Gordon Gecko is the author of How I Live Debt Free, a top-selling book in the United States. Now Mr. Gecko has decided to put his book on-line and anyone can read it for free at www.creditorsdebt.com