Credit cards are known to be risky business for some people. If you have trouble balancing your budget every month then taking on a credit card or two should be your very last resort. If on the other hand you are able to balance your monthly budget as well as save regularly then you are […]
Surprisingly, while the national interest rate on cash has gone down in Australia the average interest rate on credit cards has risen. Now is definitely the time for Australians to consolidate their credit card debts. Credit card debt is a $50 billion burden on Australians and around $35 billion of that is getting interest added […]
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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