Wipe the debt slate clean with these tips in the new year

By Jack Dona · · 2 min read
Fact Checked
Advertiser disclosure
A smiling millennial couple with a smartphone sit in a sunny park, excited to have paid off their debt

If your New Year’s resolution involves more financial freedom, then paying off your debts is an excellent place to start. After all, we only want to take the lessons we’ve learnt into the new year, not our credit card balances.

Here are a few debt-busting tips you can use to wipe the slate clean in 2025.

Avoid late payments 

Late credit card repayments can result in you being charged extra interest and late fees.

To help yourself avoid late payments (that can damage your credit score), consider setting up a direct debit payment or automatic bank transfer each month. 

Pay back more than the minimum 

In an ideal world, fully repaying your credit card bill is the best way to go about avoiding credit card debt. But, that’s not always possible. 

If you can afford to pay more than the minimum repayment amount on your credit card, you may be able to slow down the build-up of your debt and get one step closer to clearing it.

Reduce your credit limit 

If you’re prone to overspending on your credit card, you can ask your provider to reduce your credit limit. You can do this over the phone, online, or by visiting a branch.

Budget your spending 

Creating a budget that tracks your income and expenses can help you pin-point where your spending habits may be getting you into trouble. 

It can be useful to categorise your expenses into needs (what you can’t do without) and wants (what you can do without, at least temporarily). 

See if you can find ways to reduce the cost of your needs, if possible, and cut out as many wants as necessary. This could free up some cash to pay off more of your credit card debt.  

Consider a balance transfer credit card 

A balance transfer credit card lets you roll over your existing credit card debts to a new card, often with a 0% interest rate (or very low rate) on your balance, for a limited time. After the balance transfer period ends, the interest rate swaps over to a high interest rate on unpaid balances. 

This type of credit card can provide you with an opportunity to bust your debts, but it doesn’t come without risks. So, make sure you understand the pros and cons of balance transfer credit cards.

Check out the latest balance transfer offers on Mozo below!

BALANCE TRANSFER CREDIT CARDS JANUARY 2025

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 185 credit cards.
Last updated 5 December 2025 Important disclosures
  • NAB Low Rate Card - Balance Transfer Offer

    Spend with confidence with a low variable purchase rate plus get 5.99% p.a. interest on balance transfers for the first 24 months (0% balance transfer fee). Unpaid balance transfer reverts to variable cash advance rate. There’s also up to 55 interest free days on purchases when you pay your account in full by the due date. Minimum credit limit $1,000. Annual fee waived in the first year ($59 afterwards) . T&Cs, fees, charges and eligibility criteria apply.

    Balance transfer rate
    5.99% p.a. for 24 months and then 21.74% p.a. (0% balance transfer fee)
    Purchase rate
    13.49% p.a.
    Annual fee
    $59 $0 in the first year
    Rewards program
    -
    Compare
    Go to site
    Details
  • Bankwest More Classic Mastercard

    Balance transfer rate
    0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)
    Purchase rate
    19.99% p.a.
    Annual fee
    $100
    Rewards program
    Bankwest More Rewards
    Compare
    Find out more
    Details
  • Westpac Low Rate

    Balance transfer rate
    0% p.a. for 20 months and then 21.99% p.a. (3.00% balance transfer fee)
    Purchase rate
    13.74% p.a.
    Annual fee
    $59
    Rewards program
    -
    Compare
    Find out more
    Details
  • HSBC Low Rate Credit Card

    Balance transfer rate
    0% p.a. for 12 months and then 25.99% p.a. (2.00% balance transfer fee)
    Purchase rate
    12.99% p.a.
    Annual fee
    $99
    Rewards program
    -
    Compare
    Find out more
    Details
  • ANZ Low Rate - Balance Transfer Offer

    Balance transfer rate
    0% p.a. for 26 months and then 21.99% p.a. (3.00% balance transfer fee)
    Purchase rate
    13.74% p.a.
    Annual fee
    $58 $0 in the first year
    Rewards program
    -
    Compare
    Find out more
    Details

^See information about the Mozo Experts Choice Credit Card Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's credit card deals