With credit card debt expected to worsen, RateSetter (the first and only company in Australia to provide peer-to-peer lending to everyday Australians), is giving Aussies a better interest rate when borrowing money to pay off the costs of the festive season.
RateSetter encourages Aussies to overhaul of their finances to get financially fit with these top 5 tips:
1. ‘Weigh yourself’ to assess how financially (un)healthy you are
Once you bring in the New Year, take a minute to assess your financial health. Be realistic with yourself to determine the health of your finances. Will your wallet benefit from some fin-tervention? Often, the first step to financial recovery is acknowledging the state of your debts.
2. Trade in your personal trainer for a financial planner
Consulting an independent professional before undertaking a new financial regime is a worthwhile investment in your long-term financial health plan. Get someone to cast an expert eye over the big picture of your financial fitness – including your credit card debt – and you’ll find that you can put their in-depth knowledge and professional skill to work.
3. Take a finance detox and stay away from ‘junk food’
Whilst you’re feeling fresh in the New Year, take this time to go on a financial detox to help take back control of your finances. Be more mindful with your spending and pull back on items such as taxi fares, alcohol and other items that may blow out your expenditure unnecessarily.
4. Get finance app friendly
Take advantage of the many free budgeting apps available on smartphones and tablets. These are perfect tools for those who want a little daily assistance to keep on track.
5. Making sure that ‘hidden calories’ aren’t blowing out your financial diet
Are your interest rates sabotaging you? If you’re struggling to get back in the black, it might be time to review what your credit cards are really doing to your financial diet. Try considering ‘healthier’ alternatives to credit cards, such as a peer-to-peer personal loan where you get to determine your own preferred rate. You can consolidate your credit card debt and pay lower interest rates with a peer-to-peer loan like those from RateSetter.com.au.
Do you have any of your own tips to get financially fit? Tell us below!…