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Balance Transfers 101

So you went a little overboard over the holiday season and you’ve racked up a hefty credit card bill. We’ve all been there, there’s nothing to be ashamed about. If you can’t or don’t pay off the balance in full by the due date, you might have to pay interest on your debt and some credit cards carry interest rates up to 20% p.a.! You’re probably thinking: I don’t want to pay all that interest! Help! What can I do??? First step, don’t panic. There are many options that can help you minimise the holiday debt hangover. One option is to take advantage of a balance transfer offer. Let’s go over the basics. What is a balance transfer? A balance transfer lets you take the balance you owe on an existing credit card and transfer it over to a new credit card. What’s the benefit? Balance transfer offers often come…

How to Beat the Xmas Debt

It sometimes seems that the festive season is tailor-made to get us overextending ourselves and setting us up to start the New Year on the back foot. Whilst you can’t undo what has happened, you can take steps to get back on top of things. Survey the situation We all know that the festive season is full of out of the ordinary expenses but take some time to look through your statements and identify where the money went. Of course a fair amount of it might have been on gifts but were there other expenses such as extra nights out, travel to see the relos, the extra groceries bills for all that festive food! In any case, take time to understand what your regular expenses were and what the extra Xmas debt is that you need to tackle. Re-budget To get back on an even keel you may need to…

I did a 30 day money challenge and survived

Now, I think I’m pretty good with money. I’m not in debt and I always have cash left over each month to put into my savings. I’d like to rate myself a solid above-average when it comes to money management. But as a twenty-something, living in Sydney and trying to save up for a home deposit, I wondered if there was anything I could do to turbo charge my savings. Here’s where my 30 day money challenge came in. Yes, I could have done this for a whole year, but I’m Gen Y and afraid of commitment, so 30 days it is! My money challenge was very simple: spend less, save more. What could go wrong? The first thing I did was look at where I was keeping my money. My transaction account, where my paycheck is deposited, doesn’t have a monthly account keeping fee or ATM withdrawal fees, so…

Australia’s Seasonal Shopping Habits Revealed

Our recent Credit Savvy survey has revealed that Aussies are split down the middle when it comes to spending at this time of year[1]. Just over half of us (54%) don’t set a budget for the holiday season and one in three spends more than they can afford during this time. The credit hangover appears to linger into the New Year, with nearly a quarter (22%) of us taking three or more months to recover from overspending. In fact, one in five Aussies are nervous about the impact of holiday spending on their credit score. On the other hand, 52% save during the year specifically for the holiday season, and just 7% of us take out a new credit card to pay for spending during this period. When it comes to paying for our purchases, it might surprise you to learn that cash is king, with most Aussies paying for…