There are hundreds of credit cards on the market today offering rewards points, interest free periods, no annual fees and a whole host of incentives for you to join up and spend. Credit cards are an easy and efficient way to pay for goods and services however, unless spending is monitored closely, they can easily get out of control. If you are a compulsive spender, Debt Fix recommends you avoid credit cards at all costs. Debt Fix recommends that if you must have a credit card you should shop around for the credit card with the lowest rate of interest and use it only when you absolutely have to. Debt Fix recommends that you use cash whenever possible.

Banks make millions of dollars each year by charging fees and interest to their customers. Debt Fix recommends you find out what the banks are charging you and if you feel it is too much, change banks. Debt Fix recommends you review your bank statements because sometimes banks make mistakes and errors do occur. Loans are either secured or unsecured. A secured loan is one where the creditor (bank or finance company) has a vested interest in the purchased asset (eg. a car loan) and if the terms of the loan are not met, is able to realise the security (i.e. repossession of the car). An unsecured loan is a loan without any security and is often used for things like overseas holidays, weddings and other purchases. Banks and finance companies charge interest on the loans and usually the interest is higher if the loan in unsecured. Debt Fix recommends that you ask yourself whether you really need that new car, holiday or whatever before you apply for the loan. In too many cases, once the money has been spent, the only thing that remains is a massive debt that cannot be serviced. Debt Fix can assess your situation and suggest real financial solutions to real financial problems. We can contact creditors and explain to them what the situation is. Debtfix understands debtors and creditors needs, and can help bridge the gap through providing a practical, real approach. To learn more about Debt Fix, Contact us now

Key Thought Cash is king. If you are struggling financially, try not to use credit cards unless you have to. Make sure you pay your credit cards on time. Try to pay a little more than the minimum monthly payment. Know what the banks are charging you and shop around.