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Debt Consolidation Tips

Is It in your Budget?
Debit Cards are best
Interest Free Offers
Credit Limit Increases
Bank Statements Should be Reconciled
Avoid Impulse Buying
Monitor Your Outstanding Debt
Avoid Credit

Is it in your budget?
While you do not need to have a comprehensive daily budget – having a rough budget for the month certainly helps. We would recommend a personal budget which sets limits on the amount of money that will be spent on each category of expenses in a given month. So before you rush out to spend up big in the next Myer sale, ask yourself whether what you are about to buy is on your budget. If not, then how are you going to pay for all the other monthly expenses. Discipline takes time but is worth the effort.

Debit Cards are best
Debit Cards are a great way to control your spending. They offer the convenience of a credit card but will only allow you to spend the money you already have as they are linked to your bank account. This a must for shop-a-holics.

Interest Free Offers.
Avoid interest free offers unless you are confident that you will have the capacity to pay out the full loan taken at the end of the Interest Free period. All Interest Free purchases are reflected on your Credit History – as they are in effect a credit transaction. If you are also shopping around for a home loan you should be aware that numerous CRAA inquiries adversely affect your borrowing capacity.

Credit Limit Increases.
Once you have selected a credit facility you are happy with, resist the unsolicited requests to increase your existing credit limit. If possible limit the number of cards held and close any cards that you feel you are able to do without.

Bank Statements Should be Reconciled
Make it a practice to reconcile your bank statements as soon as you receive them from the bank. Essentially you need to ensure that all the funds you have deposited have made it into your account and all the charges incurred are legitimate.

Avoid Impulse Buying.
Make a list of what you need to buy before going shopping and do not buy anything not on your list This is again a question of budgeting and sticking to your budget..

Monitor Your Outstanding Debt.
Put together a list of all your outstanding debts and a strategy for reducing these debts. It may mean that your spending budget needs to be reduced to incorporate an amount towards debt reduction.

Avoid Credit.
If you have had a history of problems with credit – minimise the use of credit whenever possible. Cash is best. By using cash you do not spend more money than you have at your disposal.