If your credit card debt is starting to get out of control - or you simply want to know how to avoid potential credit card pitfalls, you are not alone.
Managing credit cards is a problem faced by many who are now drowning in an ocean of debt.
Here are some simple strategies that may be of help.
Some people think that credit cards are free money to be used and never think of the consequences of overspending.
Now people around the country are faced with debt management to get out of debt and enjoy life again.
Learning how to consolidate debit is important and learning how to stay out of debt is even more important.
Put them away
To keep your debt from spiraling even more out of control, you should consider putting your credit cards away for a while. Try to use cash to make purchases and make sure to learn how to channel your spending habits.
If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!
Try to pay off as much of your debt as you can each month. This will help you save money by lowering the interest rates you are paying each month. You also may want to consider closing out some of your credit card accounts.
Make sure you aren’t applying for more credit cards just because you have no more credit available to you on your current card. You will find yourself in even more trouble if you do that. You should also be warned that you may not even get the credit card approved if you try to do this since you are wrecking your credit rating already. Try to stay away from any kind of new loans at this time, until you are out of debt.
Remember that most things you want to buy can be bought later on and you don’t need them now. Having security and money in the bank will protect you and your family.
Share this article:
Time for a 2nd opinion on your Home & Contents Insurance?
We now offer a nation-wide panel of specialist Household Insurance brokers ready to help you lock down the best value home and contents insurance solution - tailored to your individual needs and guaranteed to save you money!
If you are thinking about rolling over or consolidating your super accounts, need investment advice, help setting up or administering a self-managed fund, we can help save you both time and money.
Our national panel of Superannuation Specialists are standing by, ready for your questions!
There may come a time in your life when you are asked to co-sign for a loan or credit card. If this is the case, there are several things to consider before making a final decision. Technically, you are putting yourself at risk of damaging your own credit in the event that the loan goes unpaid. - read more
Here we share 3 simple tips to eliminate your debt problems... so you can move on with life without the constant financial stress of dealing with creditors and collection agencies. To get out of debt, though, you do need to put in a little effort, and that's where understanding the process comes in. - read more
The impact of rising mortgage rates on Australian households is a growing concern, according to Roy Morgan Research. The research firm has conducted a study that models the effects of the current 3.1% increase in the Official Cash Rate (OCR) and the possibility of two more 0.25% rate hikes in February and March. - read more
The Australian economy is facing a likely increase in interest rates in February, as inflation hits its highest rate in 33 years. The latest Consumer Price Index figures show that inflation reached 7.8% in 2022, with a 1.9% increase in the December quarter alone. This increase in inflation is largely attributed to a post-pandemic spend-a-thon, with domestic holiday travel and accommodation rising 13.3% and international holiday travel and accommodation rising 7.6%. Additionally, rents increased by 4% and power bills by 8.6%. - read more
As was expected, the Reserve Bank of Australia (RBA) raised interest rates by another 50 basis points this month.
The fourth rate hike in as many months, today’s decision takes the cash rate from an emergency low of 0.1% to 1.85%. - read more
This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228,
A.C.N. 010281008, authorised credit representative of Saccasan Pty Ltd, Australian Credit License 386297.
ASIC website for additional licensing information.
powered by Financial Services Online
| Copyright Clark Family Pty Ltd A.C.N. 010 281 008 - all rights reserved
IMPORTANT: We are neither authorised nor licensed to provide finance or finance products. We do not recommend any specific financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party, qualified intermediaries with whom you can deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third part to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs.