Consolidation Loans -
An Effective Way To Take Control
Australians love to use credit and for many people the idea of buying now, paying later has become a way of life. Recent government statistics claim that household debt continues to increase for credit cards, refinancing, debt consolidation and borrowings for motor vehicles.
Avoiding the debt trap is obviously a critical factor towards achieving long term financial prosperity. The following tips are great money management tools:-
1. Draw up a budget with saving goals and spending priorities and stick to it
2. Have an emergency fund equal to three months income
3. Avoid impulse purchases and frequent trips to the shops put things on lay-by if you must have them
4. Use your own money to pay for goods and services as much as possible
5. Pay the balance on your credit card off each month, especially after New Year
6. Choose a card with reasonable interest rates if you regularly carry a credit card balance over from one month to the next
7. Avoid department store credit cards which normally charge high interest rates
8. Reduce the number of credit cards you have
9. Ask your financial institution to pay your loan automatically if your pay is deposited electronically into your credit union, building society or bank account
10. Consider consolidating several loan balances into one personal loan
In regards to the last tip, Police Credit Union can help you take control of your loans with a Debt Consolidation Loan. Police Credit Union Debt Consolidation Loans have no monthly account keeping fees, no early repayment fees, and flexible payment options.
Apply now online at www.pcu.com.au or call your nearest PCU Branch and speak to our friendly staff about a Debt Consolidation Loan.
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