Recent reports show fewer Aussies are falling behind with their loan repayments and in December the RBA set the cash rate to its lowest point since 1990. All indicators are pointing towards recovery for the Australian economy as things become easier.
If you have watched on in disbeleif at all these positive financial stories on the news, it's time you jumped on the bandwagon and join in.
You can be part of the good news story with a little bit of help and guidance. Here are three key actions to your success:
1. If something isn't working for you, change it. Interest rates are the lowest they have been since 1990, only ever matched once during the GFC. The only problem is, banks aren't passing the reduced rate on to their customers. If you are struggling to keep up with repayments ona loan with incredibly high interest, shop around and find a lender with competetive rates. The early repayment fees might just be worth refinancing if you are going to save thousands in interest over the life of the loan.
2. Know your enemy. Have an idea of how much debt you owe and really start to think about where your money goes. You can't manage your finances properly if you don't know how far it needs to spread.
3. Develop a plan. Organise a budget and set yourself some goals. For example, calculate how much you can afford to put towards your credit card, figure out how long it will take to pay off with those repayments and set that date as your goal.
You don't need to go it alone either. Personal Debt Management companies such as Debt Rescue are on hand to offer advice and positive solutions to your debt.
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