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Debt Management

What Happens to Debts After Death?

What Happens to Debts After Death?

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-borrowers or signed a guarantee. Dying with debt could also affect someone's estate and how much is left ..... Read more

Category: Debt Management

Am I Responsible for Someone Else's Debt?

Am I Responsible for Someone Else's Debt?

Many people worry that getting married, being in a long-term relationship or the death of a spouse means they will be 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 all the responsibility. If creditors are demanding that you pay someone else's debt for them, it's important to check what your obligations are. When am I..... Read more

Category: Debt Management

Good Debt vs. Bad Debt: What Type Do You Have?

Good Debt vs. Bad Debt: What Type Do You Have?

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 less beneficial and has the potential to cause hardship. Knowing the differences between good debt an..... Read more

Category: Debt Management

Credit Card vs. Personal Loan: Which Is More Affordable?

Credit Card vs. Personal Loan: Which Is More Affordable?

Whether it's paying for a holiday or Christmas gifts, Aussies are prone to reach for their credit cards when they need some extra cash. According to data from the Reserve Bank of Australia and Finder.com.au, the nation spent a total of $29.7 billion on credit cards in December 2018 alone, or $1,863 per person. This number is up $1.8 billion from the previous December. Credit card use has increase..... Read more

Category: Budgeting, Debt Management

Do You Have These Bad Credit Card Habits?

Do You Have These Bad Credit Card Habits?

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 aged 25 to 39, the figure was even higher at 85%. If you're worried that you might not be using your..... Read more

Category: Credit Card Debt, Debt Management

How to Cope with Record Household Debt

How to Cope with Record Household Debt

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, with the average household owing $250,000. This figure has more than doubled in the last 12 years, acco..... Read more

Category: Debt Help, Debt Management

Don't Let Your Wedding Drive You into Debt

Don't Let Your Wedding Drive You into Debt

Social pressure for 'Instagram perfect' weddings is leading many Australian couples to begin their married lives deep in debt. Overspending on the big day can have consequences many years down the line if you don't plan and budget carefully, especially if you're already struggling to pay off a mortgage, credit cards or other consumer debt. According to the latest Choosi Cost of Love Report 2018 t..... Read more

Category: Debt Management

Should You Buy a Car When You're in Debt?

Should You Buy a Car When You're in Debt?

If you're already in debt, adding a car loan to the pile could create problems if it means you might struggle to meet all your monthly payments on time. But sometimes, there's no avoiding it. Here are questions to ask yourself and steps you should take before making the big decision. Do you really need a car? If you live somewhere that's well served by public transport, you should consider whethe..... Read more

Category: Debt Management

Payday Loan Machines Target Australia's Most Vulnerable Communities

Payday Loan Machines Target Australia's Most Vulnerable Communities

Despite the ongoing controversy around payday loans, lenders are continuing to find new ways to make short-term, high-interest loans more accessible to borrowers in need. Their latest strategy is automatic loan machines popping up in shopping centres in some of New South Wales' most impoverished suburbs. Like other types of payday loans, these 'loan ATMs' offer short-term loans up to $1000 that m..... Read more

Category: Debt Management

Will Getting Married Affect My Debt?

Will Getting Married Affect My Debt?

Marriage can affect your finances beyond wedding expenses, but tying the knot doesn't mean you automatically share responsibility for your spouse's past debt. You may decide to help each other out to pay off outstanding loans and credit cards, but in most cases, credit applied for by an individual is that individual's responsibility alone. However, there are some exceptions when a husband or wife..... Read more

Category: Debt Management