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The longer we take to pay off debt, the more it costs us. So if there’s room in the budget, it’s smart to put more money towards debt repayments - read on for more tips on how to manage debt.
Here’s how it works.
The Sorted loan calculator can help with crunching the numbers.
Sometimes a bank or other lender can combine several different high-interest loans into one lower-interest loan. (A single payment can be a lot easier to manage than multiple ones, and you could save a lot of money by paying less interest.) This is called debt consolidation. You just need to be aware that repaying a new loan over a longer period could cost more in interest overall. The trick is to keep paying it down as fast as possible – and avoid racking up any new debts along the way.
If it gets hard to keep up with debt, talk to the person or organisation that lent the money as soon as possible. They may be able to work out a new repayment plan. There’s also free advice available through financial capability (budgeting) services - visit the Family Services Directory.
12 Jul, 2019
Perhaps it’s because our future selves are strangers to us.
1 Feb, 2019
As a single woman in my 30s, I’d had enough of renting. My home-buyer’s checklist was a small lock up and go, close to the city.
29 Oct, 2018
Credit cards are great right? When you see something you need, you can have it.
10 Aug, 2018
“Swipe right for Mr Right” – this whole Tinder swiping thing has become part of culture these days.
6 Jul, 2018
Would you go to a “Death Café”? These are pop-up gatherings of people who come together to talk about the ultimate taboo: our mortality.
14 Jun, 2018
There’s one thing we can say with some surety: we don’t always make the best decisions for our situations, especially with money. It’s part of being human.