Newspaper article Gympie Times, The Qld.

Better Manage Debt This Year

Newspaper article Gympie Times, The Qld.

Better Manage Debt This Year

Article excerpt

NEW data shows a majority of Australians are "worried" about their financial situation.

According to the findings of Mortgage Choice's inaugural Financial Confidence Survey, 52.4 per cent of Australians consider themselves to be either "very worried" or "concerned" about their finances.

A Mortgage Choice franchise owner Julian Collins said the results weren't altogether surprising as it was common for people to worry about the state of their finances during the festive season.

"People are always more stressed about money during the holiday season as they know it is an expensive time of year with presents to buy, lunches to host and various social events to attend.

"People don't want to be told to rein in their spending during the festive season and the reality is, they shouldn't have to.

"Instead, Australians should use the New Year as a perfect opportunity to re-evaluate their financial situation and make paying off excess debt and debt management a priority."

Mr Collins said there are a couple of things Australians can do to better manage their debt and pay off any debt they have accrued quickly and painlessly.

"In the first instance, Australians should take the time to review their financial situation. By knowing what debt they have and the interest rates they are being charged, they can put together a plan of attack," he said.

"One of the most common and effective ways to manage and pay down an excessive amount of debt is to look at consolidating all of the debts into one area - like the mortgage.

"Borrowers can speak to a broker about consolidating all of their debts - including personal loans, credit cards, car loans - into their home loan.

"This may be able to deliver borrowers with excellent savings, as they may ultimately pay less in interest."

But while Mr Collins said debt consolidation can deliver worthwhile savings, it was important for borrowers to seek advice about whether this is the right decision for their needs. …

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