How to get your debt working for you
Whether it’s credit cards or a home loan, there are tricks you can use to reduce interest and pay off your debt faster. With credit cards you should aim to pay off your balance each month rather than letting it pile up – or at least aim to pay it off within the interest free period so your debt isn’t expanding. When getting a personal loan shop around to find the best interest rate or speak to an expert to help you decide if a fixed or a variable rate will be best for you.
Making mortgage repayments more frequently (such as fortnightly instead of monthly) can reduce the amount of interest you pay over the life of your loan. Whichever types of debt you’re wanting to wrangle, speak to your financial institution to find ways to make it work for you and get on top of your debt.
When it comes to debt, credit cards come with some big responsibilities. To get stuck into all the details, check out ANZ Creducation, an online educational series looking at personal credit card interest, payments, balance transfers and more, starring Lola Berry, Adam Dovile, Poh Ling Yeow, Libby Trickett and Neale Whitaker.