If you contributed to the $29 billion + accumulated debt spent by Australians on credit cards at Christmas time what can you do?
The first thing to do is not panic. Have a plan of attack and put it into action. Don't just put your head in the sand and think it will all go away.
If you are having problems managing your existing level of debt, speak to the credit provider before it becomes a problem. Most want you to repay the debt so will help in anyway they can.
DO NOT miss or skip the minimum payment as this could impact your credit score and ability to get credit in the future.
Seek specialist professional advice from your Accountant or Financial Planner.
If you have equity in your home and are having trouble repaying credit cards and other higher interest loans (Personal Loans and Lines of Credit) you can consolidate your debt into one home loan repayment which is likely to be at a much lower interest rate than these loans or credit cards.
If you need any help with budgeting or debt consolidation, give Catherine a call on 0411 849 804 and she can help.
Message from CAtherine
Occasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here.