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Tips from People who have paid off a lot of debt

Posted by Ben Paris on Aug 24, 2018 4:30:44 PM
  • Ask for a better interest rate
    • If you call your creditors you may be able to negotiate a better interest rate. Even if they take 0.5% or 1% off, you’ll be better off.
  • Try and haggle
    • You might even be able to negotiate debts. A creditor may be willing to accept less if there is a lump-sum payment on offer.
  • Pay your debt first
    • Pay your debts first. This way you won’t ever miss a payment.
  • Use challenges
    • Staying motivated can be difficult. Coming up with little challenges can keep up your motivations. For example, not buying any take-away for a month.
  • Alternatives to gifts
    • Gifts can cost a lot of money, and while you probably can’t get out of buying your niece a present, you can probably give your husband a massage voucher.
  • Small goals
    • It can take a long time to get debt free. Setting small goals for example, reducing your balance by $100 this month is a small but achievable goal.
  • Don’t compare yourself to others
    • Don’t compare yourself to others; compare yourself to who you were yesterday. Are you better than yesterday? Are you in less debt than yesterday? If you are, celebrate!
  • Read success stories
    • Reading other people’s success stories can help you stay motivated and give you great ideas on how to get out of debt.
  • Stop digging
    • This is the absolute first step towards getting out of debt. You need to stop accumulating debt.
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Tags: Eliminate Debt

One in six are struggling with Credit Card Debt

Posted by Ben Paris on Aug 24, 2018 4:27:50 PM

ASIC’s review into credit card lending has identified that 1 in 6 people are struggling with Credit Card Debt. 930,000 people have persistent debt with $550,000 in arrears on their credit card repayments. Deputy Chair of ASIC, Peter Kell, states that the report ‘confirms that credit cards may cause financial difficulty for many Australian consumers’.

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Tags: Eliminate Debt

Three Sustainability Mistakes

Posted by Kristin Perissinotto on Aug 21, 2018 5:02:37 PM

We've been talking about all things sustainable and eco-friendly this month, from investments to upcycling. Living more sustainably can save you a lot of cash, but there are a few traps that many will fall into in the quest for a more eco-friendly life.

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Tags: Affordable Living, Everyday Expenses, Eliminate Debt

Paying Off Your Loan Early

Posted by Kristin Perissinotto on Jul 24, 2018 5:33:00 PM

It is likely that paying off loans early sounds like an excellent idea, and sometimes it can be. However, completely paying off some loans, such as a mortgage, or debt agreement, may not always benefit. We have put together some to pay down your loan to save on interest, as well as alternate options.

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Tags: Personal Finance Basics, Everyday Expenses, Build Savings, Handle Money, Eliminate Debt

The Pros and Cons of Car Loans

Posted by Kristin Perissinotto on Jul 3, 2018 5:17:00 PM

For many people, getting a loan for a car seems like a good idea. But often they aren't taken as seriously as they perhaps should be. Borrowing money for a car is still a loan, and a loan should always be considered carefully before signing on the dotted line.

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Tags: Handle Money, Eliminate Debt, Everyday Expenses, Personal Finance Basics, Affordable Living

What is a Personal Insolvency Agreement?

Posted by Kristin Perissinotto on May 26, 2018 10:16:00 AM

Similar to a Debt Agreement, a Personal Insolvency Agreement is another process you can take to combine multiple debts into one. A Personal Insolvency Agreement might be beneficial to you on your journey to a debt free life.

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Tags: Eliminate Debt, Handle Money, Personal Finance Basics

What is Mortgage Refinancing?

Posted by Kristin Perissinotto on May 15, 2018 5:25:00 PM

You might have heard of the term, but what is Mortgage Refinancing and what does it mean? Do you qualify? We have compiled a cheat sheet with all the answers to your questions about mortgage refinancing.

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Tags: Personal Finance Basics, Handle Money, Eliminate Debt

What is a Debt Agreement?

Posted by Kristin Perissinotto on May 5, 2018 4:51:11 PM

Are you feeling lost in your financial life? Do you feel weighed down by your debt to the point where you can't begin to figure out what to do? The best thing you can do is educate yourself and figure out what your next move is. Today we will be breaking down a Debt Agreement and whether you might be eligible for one.

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Tags: Personal Finance Basics, Eliminate Debt, Handle Money

What You Need to Know About Debt Consolidation

Posted by Kristin Perissinotto on Apr 17, 2018 5:45:00 PM

You have probably heard the term debt consolidation, but maybe you aren't sure what it means. Debt consolidation can be a good option for those with multiple small debts, as it will combine them into one larger debt.

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Tags: Eliminate Debt, Handle Money, Personal Finance Basics

Three Financial Resources to Help You

Posted by Kristin Perissinotto on Mar 7, 2018 5:32:00 PM

Trying to navigate your way through being in debt and how to lead a more financially healthy life can be confusing, and often isolating. Money and debt is still considered quite a taboo topic in our society. We have a backlog of blog posts written to help you navigate financial decisions, from changing banks to changes in legislation surrounding bankruptcy. Additionally, here are three more resources you can turn to for help with debt, money saving tips, and answers to all your budgeting questions!

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Tags: Eliminate Debt, Handle Money, Build Savings

A Debt-Free Journey

We've been helping people take back control of their finances for over a decade. In that time we've learnt a lot about money, and understand how important it is that we share our wealth of knowledge to tackle rising debt issues in Australia.

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