Credit Crunching
How would you feel about paying an extra 15% more for everything you buy? If you don’t pay off your full credit card balance each month, the chances are that you are already paying that much in interest as rates range from 8% for low-fee cards to a whopping 21% for cards dripping in rewards.
Buying what you want when you want feels good, but a bargain is not a bargain if it comes with hefty interest charges. Therefore, there is never a wrong time to get credit wise and stop dropping your hard-earned cash on padding out the banks’ profits.
Going interest-free:
User your savings
Use your savings to cancel your debt, as any returns you will be earning on your savings will not match the interest rate your credit card provider will be charging.
Go low
Switch your balance to one offering a 0% grace period and use that time to get serious about reducing your debt or choose a card with the lowest interest rate you can find instead.
Broker a new deal
As home-loan interest rates are at an all-time low, it has never been a better time to consolidate your debts into one manageable sum. Get in contact with your Mortgage Broker and talk about refinancing your home loan to incorporate your credit card debt. It is an easy process that could save you thousands of dollars.
But just remember – once you have paid off your credit card debt, keep it off! Debt is like a diet; you have to work at keeping the numbers off.
This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation or needs before making any decisions based on this information.Â
Why Are Rates Rising?
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Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.
