Taking stock of the turmoil
The Daily Telegraph has noted that ditching fixed debts will be increasingly important as unemployment rises and the likelihood of a pay rise wanes.
“Try and dump as much debt as you can on these zero per cent cards. Apply for multiple cards from different banks if necessary because one card’s limit may not be high enough,” it suggested.
However, it warned that under no circumstances should these cards be used for additional spending, as doing so is likely to push people further into the red.
In terms of personal loans, news.com.au has reminded consumers that these are most effective for short-term borrowing on items of low value.