Are you struggling with repayments on your credit card? Don’t worry, you aren’t alone! Credit cards are necessities for the majority of adults in Australia, and unfortunately it is way too easy to let repayments lapse and get into debt. Although most of us have credit cards, we often don’t realize how the interest rates work, or how much debt we are really getting into. Here are a few handy tips on handling credit cards, before they handle you.
Keep records of everything. This means your interest rates, your terms and conditions, make a repayments schedule, and ensure you are fully aware of everything. This sounds simple and you have probably heard it all before – but it really does help to undertake a positive debt management routine. This is not just for credit cards – it is important to add up all the money you owe, as scary as that may be! This is where debt consolidation and loan consolidation can come in handy.
Know what you are getting into. Are you looking at getting your first card, or maybe upping your limit? Make sure you know exactly what it is you are signing up for. Take into account your earnings, your expenses, and make sure you read the terms and conditions – no matter how boring they are. Ensure that you really need a card – you would be surprised at how often they aren’t needed!
Utilise the tools around you. This cannot be stressed enough – people often ignore the simplest of tools and avenues that could mean the difference between personal insolvency and healthy spending habits. Internet tools like budget planners, loan repayment and credit repayment calculators, and there are a number of websites available offering advice on credit loans.
Talk to a financial adviser. Financial advisers know what they are doing! They can help you out with consolidating your debts, preventing personal insolvency, and making sure that you get on track with your debts. They are qualified, confidential, and are all about your personal situation.