Published on December 17, 2018 2:25 am, by Jen Bakker
Every year in the lead up to Christmas there is lots of chatter about the amount Australians spend on credit at this time of year. There are gifts to buy, fancy food, drinks, and the list goes on. In January, there is always more media play about credit card debt blowouts and interest payments. On a serious note, in July of this year, ASIC (The Australian Securities and Investment Commission) reported outstanding credit card debt of $45 billion by Australian consumers.
Lots of people love Christmas, spending time with friends and family, overindulging with food and drinks and spoiling the little (and big) people in their lives. For so many people though, it adds up to less in savings and more credit card grief.
Do you plan on enjoying yourself a little bit too much over Christmas and New Year? Did you budget and are you spending within your limits or do you need to get ready to deal with your post-Christmas spending hangover? If you are, you’re certainly not alone!
We’ve put together 8 steps to help you plan to knock off any credit card debt in the quickest possible time.
STEP 1: Understand your debt
STEP 2: Look at options to streamline your debt position
Here’s an article we wrote on Debt Management strategies if you’d like some more information.
STEP 3: Set a goal
STEP 4: Make a plan for your money
STEP 5: Understand where your money goes
STEP 6: Commit to spending less
STEP 7: Document your plan and take action
If you are a MoneyBrilliant customer with your credit cards connected you will receive suggestions for credit cards with lower rates and/or less fees if there are any available.
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This article has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) or the Australian Taxation Office.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.