Beating loans woe and drastic plastic bills

As the new year gets underway, many Aussies may be looking for a spot of advice to peg back their home loan and credit card debt, particularly considering the current economic scenario.

For those with a hefty plastic debt, money expert at the Courier Mail Alex Tilbury has advised that the first course of action should be to go looking for a new cheap credit card to transfer the existing balance and avoid hefty repayment fees.

Meanwhile, Smartline Blackwood mortgage adviser Cathy Anderson has told the Advertiser that for those who are paying off hefty fixed-rate home loans, it is important to remember why they took the mortgage in the first place.

“Choosing a fixed rate is often an emotional decision. Most people fix because they fear not being able to make the repayments should rates increase and want that security of knowing exactly what their repayments are,” she said.

For those who did want to switch to get hold a new low-interest home loan, the first thing to do is to check out what they will be charged if they leave their current deal and way up the long-term pros and cons.ADNFCR-1761-ID-18956600-ADNFCR