Debt management: credit cards can be the bane of our financial well-being – if not properly managed. The festive season, annual holidays and special events can be synonymous with overindulgence. But these occasions can also leave us lumbered with a credit card debt problem.
The pre-Christmas spending season traditionally sees Australians give their credit cards a solid workout. During Calendar Year 2010, Australians collectively spent $3 trillion more on our cards in November and December than in any of the previous ten months. This is repeated annually, often to a greater extent.
Rather than undo all the healthy budgeting efforts made at other times, some simple strategies can help you keep your credit card debt under control generally.
Debt Management: Credit Cards
Maintain a sense of perspective
Rather than get swept up in a frenzy of bargain season spending, aim to keep up your regular financial regime.
Follow Santa’s lead
To avoid overspending, take a tip from the big man in red himself. Make a list. Then check it twice. Allocate a spending limit for each person you plan to buy a gift for. Treat other ‘high-expense’ times during the year similarly.
Shop Smart
Hit the stores (bricks and mortar, and online) early to snare the best deals on gifts and other significant purchases. (Doing your shopping online is an easy way to make cost comparisons.)
Cash is king
If you’re buying big ticket items, aim to pay with cash. And don’t be afraid to ask for a discount.
With your finances in good shape and credit card debt under control, you’re well placed to celebrate financial well-being, in good shape to take advantage of some investment opportunities.
We can help with debt management advice
The team of experienced advisers at Continuum Financial Planners are skilled in providing debt management advice – on credit cards, mortgages, and other loans. Whether it is a cashflow issue, or a cutback in spending, they can help you rein in your debt. To arrange a meeting with one of the team –
- phone our office on 07-34213456, or
- at your convenience, use the linked Make A Booking facility.
