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Debt Management
Are There Management Strategies to Quickly Reduce Debt?
Posted on: 11 April, 2024
Debt management can be stressful if you have multiple loans to repay and the path to financial freedom seems so far away. This level of uncertainty may cause you to explore ways to speed up the debt repayment process. And while there is nothing inherently wrong with wanting to pay off your debts so.....
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Category: Debt Management
How Can a Debt Consolidation Loan Help With Debt Management?
Posted on: 07 March, 2024
Managing debts can sometimes feel like spinning plates. The moment you focus on just one, you lose control of the others. One way to regain control is to take out a debt consolidation loan. This can help make it easier for you to stay on top of your repayments and wipe your debts sooner. You could .....
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Category: Debt Management
5 Common Myths About Bad Credit Car Loans
Posted on: 11 September, 2023
Whether you plan on buying a new or used car, saving up for a new set of wheels can be challenging. That’s why around 14 percent of Australians have a car loan. But for people with bad credit, applying for a car loan can be risky. Why? For one, they are more likely to be rejected by lenders, which,.....
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Category: Debt Management, Debt Tips
4 Types of Debt to Avoid
Posted on: 26 May, 2022
Bottom Line:
Most people will take a loan out at some point in their life. Large loans that you cannot manage and repay on a monthly basis with your current income can lead to a larger debt and poor credit ratings. You should try to avoid the most expensive type of credit such as short term, high i.....
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Category: Debt Management
What Happens to Debts After Death?
Posted on: 05 June, 2019
No one likes to think about their own death or that of a loved one, but taking steps to improve your financial situation today could prevent unnecessary stress for your family during a difficult time.
Family members are not usually responsible for paying someone else's debt, unless they are co-borro.....
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Category: Debt Management
Am I Responsible for Someone Else's Debt?
Posted on: 22 April, 2019
Bottom Line:
Many people worry of being liable for their partner’s debt. This is not the case, but there can be certain situations where you agree to share or take on the financial responsibility. The best thing to do if this happens is to think carefully and talk to a financial adviser before taki.....
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Category: Debt Management
Good Debt vs. Bad Debt: What Type Do You Have?
Posted on: 06 March, 2019
No one likes to be in debt, but debt is a necessary fact of life for most Australians. Whether you're buying a home, going to university or starting a business, loans are often the only way to access the urgent finance you need to move forward in life.
On the other hand, some types of debt can be l.....
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Category: Debt Management
Credit Card vs. Personal Loan: Which Is More Affordable?
Posted on: 26 February, 2019
Bottom Line:
Credit card use has increased by 46% over the past decade, while personal loans lag behind at just 17%, despite their lower costs overall. Personal loans are generally the better option for large or long-term expenses and they can have other advantages too. You should avoid using credi.....
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Category: Debt Management
Do You Have These Bad Credit Card Habits?
Posted on: 12 February, 2019
Most Aussies use their credit cards unwisely, according to a recent survey of 1,000 credit card holders by Members Equity Bank.
70% of people admitted to at least 3 out of 7 common bad habits that can lead to expensive charges, higher interest rates and spiralling credit card debt. For Millennials .....
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Category: Debt Management
How to Cope with Record Household Debt
Posted on: 03 December, 2018
While many developed countries have seen debt levels declining in the decade since the global financial crisis, Australia's personal debt is today among the highest in the world compared to GDP.
According to the latest OECD data for 2016, Australians owe a combined $2 trillion of personal debt, wit.....
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Category: Debt Help, Debt Management