A loan can be extremely helpful when purchasing something without having the savings for it. However, it is important to make sure the loan repayments fit within your budget.

Before you take out a loan:

  • Make sure you can afford the regular loan repayments (even if the interest rate were to increase)
  • Shop around for low interest rates and fees
  • Budget for additional loan repayments- you will save a lot of money in interest and pay loan back faster

For further information on loans, please click here.

Credit cards

Credit cards are a part of every day life and can be very convenient. However, it is important to use your credit card wisely and pay it back on time.

Tips when using a credit card:

  • Find a card that suits your spending habits
  • Look for low interest rates and features you’ll use such as rewards or extras
  • Only spend when you know you can pay it back
  • Pay your bill on time
  • Be educated on what you are spending and regularly review your statements

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When it comes to overcoming debt, the most important thing to do is to get started. Debt can be daunting and falling behind on repayments can be stressful.

When managing debt:

  • Know what you owe
  • Work out what you can afford to pay
  • Prioritise your debts
  • Build a savings buffer
  • Get help if you need it

For further information, click here.