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MONEY HABITS
Balance Your Credit
11 October 2017
Have you thought to lay your cards on the table and look at which ones might be costing you? A humble credit card assessment could give you a bit of perspective on how much you might be charged without realising it. There’s a lot you can do to bring balance to your cards and to your life.
My fear for you guys is that it’s all flash and no cash. Are you living beyond your means as you feel it’s expected of you? Perhaps it’s even an expectation you impose on yourself?
To check, do a candid credit card assessment – how many do you have, don’t forget you pay an annual fee of potentially hundreds of dollars on every one. And, crucially, what are the balances on each?
If you carry over any balance, I want you to temporarily step back from the spend so you can ditch that destructive debt. Use what I call a get-out-of-jail free, balance transfer credit card.
These cards let you transfer a balance from another institution and charge you no, or low, interest on it for a period of time. This means every dollar you repay comes straight off your debt, which is far more powerful than all your repayments going to a credit card provider as interest!
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.
