6 ways to reduce your credit card debt once and for all

6 ways to reduce your credit card debt once and for all Here are some tips to start paying off your debt $45 billion. That’s how much Australians owe on their credit cards.i Now, perhaps that’s no drama if we’re not paying too much to access credit and we’re managing to avoid interest charges by paying back what we owe on time. But we paid a collective $1.5 billion in fees in 2016-17.i And we’re taking …

Debt – just how big a problem is it?

Debt – just how big a problem is it? Recent figures show personal debt levels in Australia are among the highest in the world. So does this mean we’re heading for a debt disaster? Or are we doing the right kind of borrowing to get ahead with finances? Find out what kind of debts can be a problem and how to keep borrowing within safe limits. Top five in the world for debt In Australia, …

Credit rating myths busted

Credit rating myths busted With the introduction of mandatory Comprehensive Credit Reporting for the big four banks from 1 July 2018, it’s more important than ever to know what’s going on with your credit score. Find out just what a credit score is all about and what to do if you run into problems with yours. What is a credit score? Also known as your credit rating, your credit score is based on a report …

Borrowing money: When and how to do it right

Borrowing money: When and how to do it right We all know getting into debt isn’t really desirable. So are there times when borrowing is justified? And what’s the best approach to keeping repayments within reasonable limits? We spoke to CFP® Sandy Hopps  to get expert advice on smart ways to borrow money. Recent reports and statistics show we’re no strangers to debt in Australia. According to OECD data from 2015, Australia is 4th in the world …

Personal debt – maybe the mortgage isn’t so bad

Personal debt – maybe the mortgage isn’t so bad Household debt in Australia is high but more of us are taking a sensible approach to debt management. Nationally, our household debt ratio is nudging 200%. On paper it means we owe twice as much in debt as we bring home in our pay packets each year. It sounds like an alarming figure but as 74% of all households have some level of debt, the reality …

Australian’s love affair with debt – how big is the risk?

Australian’s love affair with debt – how big is the risk? Key points Household debt levels in Australia are high compared to other countries and still rising. The rise is not as bad as it looks because its been matched by rising wealth and debt servicing problems are low. However, this could change as interest rates rise and if home prices fall sharply. The trigger for major problems remains hard to see but its worth …

New year, new financial resolutions

New year, new financial resolutions The dawn of a new year is the perfect time to hit reset and correct course when it comes to your money. You may have already given thought to some health-related wellness goals for 2018, but what about your financial wellness? AMP research has revealed that a quarter of Australian workers have difficulty in making ends meet, with the most common triggers for financial stress found to be bad debt, …

What’s your debt age now?

What’s your debt age now? The types of debt we have largely depends on our age and stage in life. For most of us, having debt in some form or another is an inescapable fact of life. And despite its reputation, debt is not necessarily a dirty word. If managed well, it can be a powerful tool to build wealth, and good debts, such as those used to invest in an asset which increases in …