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Posts Tagged :

debt

Scared of your finances? 5 ways to get control over your money without looking through your fingers

Money management can be a terrifying thing. Especially if you’ve got debt – seeing large sums go in and out of your bank account is enough to give anyone the willies, even if it’s ‘good’ debt (such as a home loan). But there are strategies you can use to cope, and to not only manage your money but actually overcome those ghosts of spending past. Here’s five we’ve rounded up. Know where your money is going. Knowledge is power, and…

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Putting everything on your credit card? There are other ways to pay

Don’t believe you have to have a credit card. Paying interest sucks and there are other ways to pay. It sucks the lifeblood out of your finances. That’s because unless you clear your entire bill within the interest free days, you pay interest. That interest means you’re paying as much as 20% more than your mates for the same things, which may have a detrimental effect on your finances over time. Other (sometimes better) ways to pay Thankfully there are…

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So you want a clear score. Can payday loans stop you from getting one?

Looking for a clear score but wondering if a payday loan could stop you from getting one? Payday loans became prevalent as quick fixes for Australians in the 1990s, responding to the need for small, personal loans that banks and credit unions would no longer provide. Payday loans were frequently offered to people with bad credit or who didn’t have clear scores, making the loans even more ubiquitous. A small payday loan can be up to $2,000 and has a…

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Has Cupid’s arrow struck? Don’t date your way into debt

We know your new girlfriend or boyfriend wants to go out every Friday. Even two drinks each, some snacks and an Uber ride home could set you back $50. It’s dead easy to blow $100 if you throw food in as well. What’s more, dating can send your credit score south. Fast. Let’s say you spend $150 a week going out, $300 a couple of times a year on a weekend away, $200 on his/her birthday, and flowers or chocolates…

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How long does it take to recover from serious financial difficulty?

If you’re on the verge of a serious financial problem, you need to act quickly. Going bankrupt or having multiple defaults listed on your credit report can severely impact your future ability to take out a loan or open a new line of credit. Lenders will look at your financial past, see that you’ve been unable to handle your finances, and potentially refuse your application. Examples of a major financial misstep include going bankrupt, failing to repay multiple debts over…

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Boost your savings with the Three Ts (track, trim, and target)

Saving is the worst. I cannot save money. I just can’t. I look at my payslip each month and take out the rent, the food, the car, the power, the water, the gas and there’s barely enough left to pay for the odd drink after work let alone save up for a deposit on a house or anything stupid like that. I know I was supposed to pay myself first but somehow that just never worked out. By the time…

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Nine ways to sabotage your own credit score

I’m working hard to improve my credit score these days. In the past I was a bit of a bad boy when it came to paying bills – so I’ve been looking into what will kill your credit score, and fast. Real fast. Your credit score, which is sometimes referred to as your credit rating, will generally range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. Your illion score via Credit Simple will range…

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Know your rights - What to do if you’re being chased by a debt collector
Know your rights: What to do if you’re being chased by a debt collector

There’s nothing like owning a ferocious guard dog for dealing with debt collectors. Chomp, chomp, chomp. There goes the arm of that dastardly fella. Well, not really. Setting the dog on the debt collector isn’t going to solve your problems – it’ll just make them worse. Debt collectors don’t even taste that nice (or so we’re told). It’s easy to stick your head in the sand when you can’t (or forget to) pay a bill. But leaving all those envelopes…

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In the habit of ‘whacking it on the mortgage’? Start treating it like any other debt (and get ahead)

Need a new kitchen? Fancy that round the world trip? Just whack it on the mortgage. In 21st century Australia we extend the mortgage every time we have a bit of ‘spare equity’ built up. It’s like we’ve inverted the whole concept of borrowing and the aim of paying it off has disappeared out the window. If you don’t pay that mortgage down as you would other debt, you could be forced to work until you drop just to pay the…

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Are you a victim of lifestyle inflation? Our 10 (very honest) principles will help you beat the disease

Once upon a time I used to head to the nearest bakery or fruit shop for cheap lunch. A 50c bread roll or banana was sustenance enough to keep me going until I got home to have a decent balanced meal. Bit by bit over the years my bun and fruit habit evolved into buying $10 packs of sushi when I’m caught short without a packed lunch. Why? Because like virtually every person alive I can fall into ‘lifestyle inflation’.…

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