Tag - credit card

Five biggest debt mistakes

Wikus Olivier, debt counsellor at DebtSafe, highlights a number of common financial mistakes that individuals often make, resulting in debt. However, these can be mitigated if discipline is practised and changes are made in spending behaviour. Consumers can often feel overwhelmed with the number of debt repayments they have to make on a monthly...

The risk of easy credit

“I’ve always been a saver and have hated debt with a passion. I applied for a store card to create a good credit rating. It soon became clear that I am not a disciplined spender so I paid off the card and closed the account. This year I bought a car, and used my savings to pay the deposit. This left my money market piggy bank running on...

How long will it take you to pay off your credit card?

If you only pay the minimum due on your credit card you will remain indebted for decades. The Australian government’s website MoneySmart.gov.au has a very handy calculator that shows you how long it will take you to pay off your credit card based on what percentage of the total debt you pay each month. The really scary figure is how long it would...