Don’t fret out with Holiday Credit Card Debt

You are not alone. Every day, millions of Aussies choose to put expenses on their credit card, and there is nothing with that.

Stop spending on your credit cards

However, now is the time to stop spending on your credit cards. The easiest way to do that is to take them out of your wallet, hide them in a drawer or simply leave them at home. Make them as hard to access as possible, so that you won’t be tempted.

Understand how much you owe

The first important task is to understand how much you owe. Does your family have one, two, or three credit cards? Figure out the total you owe for all your credit cards combined and understand if you are currently in any interest-free periods, and which of those periods expire first. Now would also be a good time to check your monthly minimum repayments for each card.

Make a payment plan

Now that you understand how much you owe, you need to create a payment plan. How much can you afford to pay each week, each fortnight, or each month?

Make a budget for the first quarter or first half of the year

Budget, budget, budget. It’s time to write a budget for the first quarter or the first half of the year so you can see how much you’re able to commit to repayments higher than the monthly minimum. Remember the more you pay now, the sooner they will be paid off and you can put that money towards something else – like a holiday!

Start making payments

It’s now time to start paying off your credit cards. You have to start somewhere, and once you start, the task becomes much less daunting.

Make a change

Was it Christmas, travel, or general life that caused you to overspend on your credit cards? Whatever the reason, now is the time to think about how you can make some changes to your budgeting and finances to ensure it doesn’t happen again. Let our team of Loans and Mortgage experts guide and support you through the process. We pride ourselves on being the most trusted and experienced mortgage servicing company in Australia offering services in New South Wales, Victoria, Queensland, Western Australia, South Australia, and Tasmania. For more Call us on 0403 803 470.

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7 Tips To Pay Off Holiday Credit Card Debt

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