Australians are some of the most indebted people on the planet. Despite a recent trend towards more savings and less spending on credit debt, our national consumer debt remains high.
If you have a lot of debt you should take steps to eliminate it as quickly as possible.
Follow our simple tips below:
There are several ways to reduce the interest rate on your credit card. Firstly, shop around for a credit card which has a lower interest rate than the one you are currently paying. Many accounts have great introductory rates on balance transfers for new accounts. Take advantage of these offers, as they can really save you a lot of unnecessary interest.
Remember if you take up any offers on a balance transfer, make sure that you cut up your old card. Spending money on the old card could lead to a disastrous outcome.
Sticking to a tight but reasonable budget will be a necessary measure if your debts are really out of control. We have lots of great tips to help people prepare a great budget. Click here to learn more
Many people don’t understand the rules and laws around bankruptcy and formal debt relief services in Australia. Many people think that if they are unable to pay their debts they will need to go bankrupt, but this is not always the case. In Australia there are many debt relief services available to avoid formal bankruptcy.
The most common debt relief services are:
To explore which debt relief service is right for you please call us now on our toll free advice line on 1800 98 10 70