Get debt under control

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What people are willing to do to get out of debt

SOURCE: CREDITCARDFINDER.COM.AU

It appears most people are embarrassed about their debt: 79.6% admit they lie about their credit card debt to a partner or family member, according to a new survey by Credit Card Finder. “Lying about credit card debt and trying to pretend it’s not an issue will not make it go away,” warns Jeremy Cabral, personal finance publisher of Credit Card Finder. “People often worry about debt but don’t take action. What many fail to realise is that there are many options to reduce credit card debt and enable you to feel in control again.”

Above all, don’t bury your head in the sand – look for options that will help get you out of debt. A balance transfer is worth considering. If you have a balance of $5000 with an interest rate of 19%pa, a balance transfer to a card with 0% interest for the first eight months could save you $614, says Cabral. You could also consider consolidating the debt using a personal loan or your home loan.

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