5 Warning Signs of Out-of-Control Debts

The first sign of a financial problem is denial that you need to ask for debt help.

A person is most likely to ask for help upon reaching the rock bottom when the only logical way out is bankruptcy. Before you sink deeper into debt, here are some questions you can ask yourself to know if […]

By |March 20th, 2017|Categories: Debt Management|Tags: , , , , , , |Comments Off on 5 Warning Signs of Out-of-Control Debts

Credit Card Debt and Mortgages Being Managed Properly

This year has been a profitable one for Australians and their credit card debt. According to latest percentages, Aussies seem to be managing much better with their mortgages; their mortgage repayment appears to be going along much better than when compared with the previous year. Reports from the ABS data showed that their credit card […]

By |March 29th, 2016|Categories: Credit Card Consolidation, Debt Management, Home Loans|Tags: , , , , , |Comments Off on Credit Card Debt and Mortgages Being Managed Properly

The Importance of Avoiding Bankruptcy

Bankruptcy is that particular legal status of a person, a company or other entity that can no longer repay his or its debts to creditors. Even though some people may affirm that bankruptcy also has a few advantages, the list of disadvantages is definitely much longer. For this reason, you should think of bankruptcy only […]

By |March 10th, 2016|Categories: Debt Consolidation, Debt Management|Tags: , , , , , |Comments Off on The Importance of Avoiding Bankruptcy

How to Adhere to your New Year Resolution to Save Money

Everybody makes New Year resolutions, but most of us fail to stick to them. With every start of a new year, we want to change our lives for the best, but because of lack of proper planning and genuine determination, we only follow the resolutions for a couple of weeks, and afterwards, we completely forget […]

By |December 9th, 2015|Categories: Bad Credit Loans, Debt Management, Financial Planning, News|Tags: , , , |Comments Off on How to Adhere to your New Year Resolution to Save Money

Many Australians Are Turning to Debt Agreements

Debt agreements are an alternative to declaring bankruptcy. Rather than be haunted by the irreversible effects that bankruptcy can have on your credit record, entering into a debt agreement can give you a debt-free fresh start. They’re becoming the popular choice for Australians in need of debt solutions. Debt agreements are overseen by the Australian […]

By |November 4th, 2015|Categories: Debt Management, News|Tags: , , , , , , , , , , |Comments Off on Many Australians Are Turning to Debt Agreements

Self Improvement Tips – Learn from Successful People

Self improvement is a continuous process that most successful individuals practice. Success doesn’t happen in just a snap and it doesn’t happen overnight. People work hard for it and how you maintain it is quite challenging. How do they keep the success? Self improvement plays a vital role when achieving to be at the top. […]

By |September 7th, 2015|Categories: Debt Management, Investment Property Loans, Personal Loans, Short Term Loans|Tags: , , |Comments Off on Self Improvement Tips – Learn from Successful People

Pay Off Debts and Save for Retirement

Saving up for retirement is one of the things that everyone should pay attention to and take into consideration. Sooner or later, you’ll realise it’s time to stop working and retire. It would be nice to retire if you have sufficient money and don’t have any debts to pay and worry about. Retirement is a […]

By |July 23rd, 2015|Categories: Debt Management, Financial Planning|Tags: , , , , |Comments Off on Pay Off Debts and Save for Retirement

Growing Your Emergency Cash

Everyone should have an emergency cash fund. Having emergency cash available will give you a sense of financial security and it will stop you from running up your credit card bill whenever an unexpected cost springs up. An emergency cash fund should be set aside especially for accidents and emergency car repairs since these can […]

By |July 15th, 2015|Categories: Debt Management, Personal Loans, Short Term Loans|Tags: , , , , |Comments Off on Growing Your Emergency Cash

Efficient debt help for a secure financial future

Getting debt help can be the most important thing to you and your family’s future. Managing your family’s funds now with debt help is a step in the right direction towards setting up a trust fund. Getting the debt you have in order under your mortgage’s interest rate or consolidating the debt into a lower […]

By |April 22nd, 2015|Categories: Debt Management|Tags: , , |Comments Off on Efficient debt help for a secure financial future

What is the Impact of Becoming Bankrupt?

Bankruptcy does not last forever. Usually, its protection lasts only a year. During the period, the individual’s financial affairs will be put under restriction. That means there are certain privileges that the bankrupt person may not possibly enjoy even after bankruptcy has been lifted.

Furthermore, being bankrupt is not a guarantee that a person will be totally free from any financial obligation. In many cases, the individual is still required to pay a certain amount to repay debts from creditors following an assessment of current inflow and outflow of income. The repayment scheme under bankruptcy may continue even after the individual is discharged from the provision.

Needless to say, bankruptcy brings about serious implications. Its impact can never be underestimated and overlooked. Aside from the embarrassment and eroded self esteem, an individual can face the greatest setback in his financial aspect. […]

By |October 31st, 2012|Categories: Debt Management|Tags: , , , , , , |Comments Off on What is the Impact of Becoming Bankrupt?

Dealing with Retirement Debt

To many of us, retirement is the time when we would just have to sit back, relax, and enjoy the fruits of our hard labor. It is ideal that when retirement age comes, you should just be living comfortably in your retirement house, not thinking of any stress.

But things could be complicated along the way. Before you know it, you could already have accumulated too much debt in your pre-retirement years. By the time you retire, you could still be servicing some or most of those debts. So how should you deal with debt when you get to your retirement age? Here are some ideas.
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By |February 15th, 2012|Categories: Debt Management|Tags: , , , |Comments Off on Dealing with Retirement Debt

Tips to Avoid Debt this Christmas

Every year the Christmas holidays could be considered as the most expensive shopping season. That is because consumers usually spend so much during this period as giving gifts has been synonymous to the spirit of the season all across the globe. Of course, buying presents come with specific price tags.

Are you ready to once again spend a fortune this Christmas? You do not have to, if you would be more frugal to manage your money this holiday season. Do not spend way beyond your budget set for Christmas shopping. Otherwise, you may end up accumulating more debt that you would take care to repay months after the season. Here are five ideas on how to manage your money this Christmas holiday season so you would not end up being in debt. […]

By |October 14th, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Tips to Avoid Debt this Christmas

How to Avoid a Default

It is a mortal sin for every loan borrower to fall into a default. That is because doing so would lead to bigger trouble. If you default on a loan, your loan provider may take various types of action, which might all be disadvantageous to you. First, you may face the burden of litigation. Second, you may be imposed with more penalties. Third, your collateral might be repossessed. And lastly, your credit history would surely be eroded. […]

By |August 6th, 2011|Categories: Debt Management|Tags: , , , , , , |Comments Off on How to Avoid a Default

Australian Household Debt Increasing

According to the latest household debt information from the Australian Bureau of Statistics, average debt for each household is now at $50,500. It is up to 34% higher compared to the household debt average on the preceding report. This clearly indicates that household debt across the country continues to rise.

It is sad to note that debt has now become a part of living. Needless to say, it contributes to daily stress in the lives of numerous Australians. It even affects overall health and happiness. To be able to fully understand rising household debt so that proper strategies could be employed to control it, there is a need to analyse the possible causes. […]

By |July 29th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Australian Household Debt Increasing

Reserve Bank Issued Personal Debt Warning

It is an obvious statement that all is not as well as it could be at the moment for many economies around the globe. This week has seen shock waves in the US market with the collapse of financial powerhouse, Leyman Brothers.
In a speech to business leaders in Sydney this week, Glenn Stevens, Governor of the Reserve Bank, said Australia has been affected by the global credit crunch, but much less than other countries.

Mr Stevens said the massive rise in household debt over the past 15 years may be coming to an end and could be replaced by a rise in government borrowing to fund infrastructure projects.

“There is also a chance, it seems to me, that households might seek to contain and consolidate debt for some time,” he said. […]

By |May 24th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Reserve Bank Issued Personal Debt Warning

Government Survey Gives Insight into Australian Debt

It seems Australians are not entirely money-conscious when it comes to entering into debt, as a recent Federal Government report has found.
The latest survey conducted by the Financial Literacy Foundation has divulged details about the general attitudes towards credit and debts amongst the Australian population.

The nationwide survey found, 21% of respondents will get into debt by buying things they cannot afford, and 17% pay only the minimum amount owing on their loans. […]

By |May 24th, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Government Survey Gives Insight into Australian Debt

Australian Households Struggle Under Mounting Financial Pressures

Australian households are feeling the financial strains of the global economic crisis as the Christmas season draws to a near. With oil prices still high, the Australian dollar buying fewer than 70 US Cents, and economies around the world slowing, the trickle down effects are showing.
Living costs are at a record high, grocery prices both on the rise. Christmas often stretches the family finances further, making it even more difficult to make ends meet. […]

By |May 24th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Australian Households Struggle Under Mounting Financial Pressures

Debt Snowballing – Debt Repayment Strategy

Debt snowballing is a method of debt repayment that may be used to clear a number of debts together. With this method of debt repayment, the lowest debt is the one that is initially concentrated on and eliminated first.
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By |May 24th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Debt Snowballing – Debt Repayment Strategy

Home Loan Stress reduced by Stimulus

In April 2009 mortgage stress dropped by 2.8% indicating that the recent Government stimulus payments were most likely used towards home loans.
The total number of households struggling with home loan repayments fell to 568,000 compared with a peak of 900,000 in August 2008.

The stimulus payments have had a noteworthy and positive impact for those who are finding it difficult to make payments on their home loans. However the positive outcome is only temporary and by the end of the year, we may see similar circumstances to those prior to the stimulus packages, especially as we see unemployment rates continuing to rise. Another 400,000 homes could be in severe stress if unemployment reaches 7.5% by the end of 2009.

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By |May 23rd, 2011|Categories: Debt Management|Tags: , , |Comments Off on Home Loan Stress reduced by Stimulus

Australia is a Cash Based Society

The Reserve Bank of Australia has conducted a recent study that indicates that Australia is still a cash based society. However it is not to be overlooked that the use of credit cards continues to rise.
The RBA study of consumer payment behaviour found that cash accounts for 70% of all transactions. EFTPOS, MasterCard, and Visa Debit Card payments make up 15% of all transactions followed by MasterCard and Visa Credit Card transactions at 9%. Only holding 1% of total transactions is American Express and Diners Club cards.

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By |May 23rd, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Australia is a Cash Based Society

Debt is a Powerful Trap

Debt is one of the most hazardous forces to confront in the world of personal finance. It has destroyed many people’s lives in the past couple of years along with the global financial crisis, interest rate hikes and unemployment rates higher than ever.
Government statistics show that total insolvency activity in Australia rose 11% (36,479 cases) last financial year. Most of these were bankruptcies and 86% of bankruptcies were non-business related, therefore they were for personal reasons.

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By |May 23rd, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Debt is a Powerful Trap

Australians Credit Habits Change

Australians have been shifting from credit cards to debit cards when making purchases showing changing credit habits. The value of purchases and cash advances on credit and charge cards fell to $18.8 billion, 1.5% less in August than July.
However Australians are also expected to increase overall credit card debt as they become more confident about the economic recovery. This is evident as the total EFTPOS purchases and cash withdrawals rose 2.1% in the month of August.

This new trend is a positive movement, however some Australians continue to struggle to repay their debts, and one in five of those say that they are likely to apply for more credit in the upcoming months to Christmas. […]

By |May 23rd, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Australians Credit Habits Change

Aussie Families Struggle with Debt

One of Australia’s biggest reporting agencies says the global financial downturn is still hurting people, with 1 in 6 Australians struggling to pay off their debt.
Veda Advantage says a fair 20% of those in debt are actually looking for additional credit to help pay off their existing debts. In these tough economic times Australians have really felt it hit their pockets.

The survey conducted by Veda comes at a time when a growing number of economists are starting to think that the worst of the global downturn is coming to an end. However there continues to be a segment of society that is still doing it tough – this could also be associated with the now larger unemployment rate.

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By |May 23rd, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Aussie Families Struggle with Debt

Reduce Your Debt in 2010

The end of the year is here again, and after a year of financial turmoil, now would be a good time to stop and take some time to reflect on how you spent your money this past year.  December is always a great time of year to create financial goals so you can begin them early in the New Year.  By setting yourself goals they serve as a motivational tool throughout the year to strive toward a better financial future and reducing your debts.

Click on ‘read more’  for some helpful hints to better manage your debts:

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By |May 20th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Reduce Your Debt in 2010

Bad Credit Debt

Over 1.5 million Australians have notched up black marks on their credit records because of overdue bills and debt.

In particular, hundreds of thousands of Victorians are among those risking finance knock backs for taking too long to pay utility bills or missing loan and credit card repayments. The revelation comes as financial counsellors expect to be swamped with households struggling to pay higher water and power bills this year.
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By |May 20th, 2011|Categories: Debt Management|Tags: , , , , |Comments Off on Bad Credit Debt

Avoid the Debt Trap

It’s not out of the norm to hear that 2009 was a hard year financially for many people and businesses – but now that the credit card bills have began to roll in from the holiday season, it‘s very apparent just how much debt people dug themselves into last year.
Over drinks the other night I noticed a friend – who usually pays cash for everything – was using a credit card to pay for her cocktail, I was taken aback and asked her why; she replied “after my pay cut last year and interest rate hikes on my mortgage, I have chewed through my savings and now I mostly use credit”. She then went on to explain that as of October last year she has been making her monthly mortgage repayments on her credit card, as she has been using her weekly income to pay for other bills, everyday spending and her minimum monthly card repayments. Quite simply put, her repayments are approximately $2,200 a month, so she is already $11,000 further in debt – and that isn’t even taking into consideration the credit card interest she is accruing.
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By |May 20th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Avoid the Debt Trap

Home Repossession Over a Small Debt

19 May 2010
Recently the Queensland Government threatened to seize a Brisbane woman’s home to recoup a debt of $6151.00.

 

It is part of several measures the Queensland Government introduced to recover unpaid fines, with more than $160 million outstanding.

Letters warning of property seizures have been sent to 11 individuals and 4 businesses in QLD, in a bid to recoup $257,000 in outstanding fines since a trial of the strategy began on January 1 2010.

Asset checks are undertaken on fine-defaulters, allowing the Government to seize property including homes and cars to pay back debts. […]

By |May 20th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Home Repossession Over a Small Debt

Banks Funding Costs Hurt Borrowers

There are claims that Australia’s banks funding costs are imposing obstacles on borrowers that prevent them from getting a loan.  A non-bank financial group has suggested that money sourced from global credit markets is now priced
considerably higher than it was a few years ago, which means that banks can be very selective as to who they lend to.
If this is the case then essentially banks are cherry-picking potential customers with the best capacity to repay their debt, and are imposing obstacles to prevent those with a bad credit history from securing a loan.
Being rejected for a loan could adversely affect a borrower’s credit rating, and in turn this could also affect them the next time they go to a financial institution to borrow money.
[…]

By |May 20th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Banks Funding Costs Hurt Borrowers

Good Debts and bad Debts

As Australians earnings and lifestyle habits are increasing, so are their debts.  In order to manage and decrease these debts, Aussies need to become educated on their debts and which debts to stay away from.
The three most popular debts Australians tend to hold are: personal loans, credit cards and mortgages.  To catergorise these, personal loans and credit cards are considered bad debts as they usually result in nothing of value to show
for having the debts (i.e. there is no investment property at the end of the tunnel).  Additionally, these debts typically have highest interest rates and are used for assets that depreciate, or lose value over time (such as a motor vehicle).
A mortgage on the other hand is considered a good debt to have, as typically the asset will appreciate in value.

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By |May 20th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on Good Debts and bad Debts

A Most Deserving Winner

11 August 2008
Vicki Reynolds from Oberon, New South was delighted to receive the congratulatory phone call from Chris Riotto, Managing Director of Australian Lending Centre advising her that she had won $2,500 through a competition that was run on the company’s website, test.australianlendingcentre.com.au.

Vicki, who has lived in Oberon all her life, contacted Australian Lending Centre to source a competitive loan to purchase a 7 seater car for her home based business as Family Day Care Mum. She wants to take the children she has in her care on outings and was just finding it too difficult without a large vehicle. […]

By |May 12th, 2011|Categories: Debt Management||Comments Off on A Most Deserving Winner

Tips for Saving Your Money

With living costs always on the rise, and those stressful interest rate hikes, debt can be an easy category to fall into. However there are a few everyday things that may help you to save money. Here are a few great tips to assist your dwindling wallet:

Write down all your expenses for the week, find […]

By |May 12th, 2011|Categories: Debt Management|Tags: |Comments Off on Tips for Saving Your Money

Ramifications for Australian Home Owners as Petrol Prices Skyrocket

As world oil prices continue to rise, so the ramifications for Australians Nationwide will continue.

In early May of this year Australian petrol pumps were demanding an average of $1.47 a litre. This is distressing news for Australians as the pressures of rising inflation already affect living and mortgage costs. Goldman Sachs warns US oil prices could soon reach $US200, a barrel which would send Australian petrol prices to a colossal $2.00 a litre.

As these petrol prices rapidly increase, it only serves to put further pressures on Australians, especially those struggling to make ends meet with hiking mortgage interest rates. As Craig James form CommSec advised, “The tipping point now for consumers to again adjust their behaviour is $1.50 a litre.” […]

By |May 12th, 2011|Categories: Debt Management|Tags: , |Comments Off on Ramifications for Australian Home Owners as Petrol Prices Skyrocket

The Unstoppable Australian Debt with No Solution In Sight

It is becoming alarmingly apparent that more and more Australians nationwide are falling into the household debt. With ever-increasing interest rates, mortgage repayments are becoming unmanageable and daily living costs are soaring.

Managing Director of the Australian Lending Centre, Chris Riotto, asserts, “We are receiving an influx of customers who just can’t afford to sustain their increasing mortgage repayments and keep up with household costs.Although these people initially had sufficient incomes to meet their repayments, because inflation is now increasing to an unmanageable point, they are now finding it virtually impossible to stretch their incomes enough to make ends meet.” […]

By |May 12th, 2011|Categories: Debt Management|Tags: , , , |Comments Off on The Unstoppable Australian Debt with No Solution In Sight

Australian’s Quest for McMansions Causing Debt to Sky Rocket

The idealism surrounding Australian home buyer’s quest for their own four bedroom McMansions, is causing debt to sky rocket. The need to obtain a piece of the Australian Dream with families entering hefty mortgages is causing added stress to household’s nation wide.

The McMansion, featuring four or more bedrooms accounts for 60 per cent of the 1.2 million houses and apartments erected since 1995, the Inquirer has found. […]

By |May 12th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Australian’s Quest for McMansions Causing Debt to Sky Rocket

Good Debt V.S. Bad Debt

As interest rates continue to rise, the question arises as to whether you are carrying too much personal debt.

Veda Advantage’s biannual Australian Debt Study revealed one in five Australians with debt were finding it difficult to make repayments or were unsure how they would make their next repayment.

Another report found more than 40% of Australians […]

By |April 30th, 2010|Categories: Debt Management|Tags: , , |Comments Off on Good Debt V.S. Bad Debt

Cut Costs and Grow Your Savings

The world might be slowly coming out of a recession, however many people are still struggling to make ends meet. This could be largely due to a lot of people being made redundant, and still looking for work or only working part time due to fewer job opportunities.

If you fall into this or a similar […]

By |October 30th, 2009|Categories: Debt Management|Tags: , , , , |Comments Off on Cut Costs and Grow Your Savings

Credit Card Debts Can Lead to Home Repossession

Home Repossession
A Brisbane couple lost their home valued at $315,000 over a credit card debt of only $8000. They only found out that it went to auction after the home was sold for $20,000 at a bailiff’s auction.

Legal Aid Queensland (LAQ) says it is just one of several cases of debt collection companies moving to […]

By |May 11th, 2009|Categories: Debt Management|Tags: , , , , , |Comments Off on Credit Card Debts Can Lead to Home Repossession

Don’t Carry Debt in an Economic Downturn

In the final quarter of 2008 there were 1,991 debt agreements signed. According to ITSA this figure is up 37.12% on December 2007. This figure illustrates the increased number of Australians’ who are facing financial difficulty.

Carrying debt in a downturn can be more dangerous than ever. Predominantly people are getting themselves into financial difficulty through […]

By |February 16th, 2009|Categories: Debt Management|Tags: , , , , , |Comments Off on Don’t Carry Debt in an Economic Downturn