Debt Management

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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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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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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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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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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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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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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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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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 mort.....
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Bottom Line: 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. There’s no question that you should buy a used car rather than a new one. If you would like to use a car loan, then choose the one wi.....
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