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In the first three months of this year, 4774 Australians went bankrupt – that’s 53 people per day, according to the federal government’s Insolvency and Trustee Service.
As more Australians slip below the poverty line and struggle to make ends meet, our reliance on credit cards and loan sharks has increased, reports suggest.
Does your ever-growing bucket list include things like trekking the Himalayas or renovating the kitchen, but gets pushed into the too-hard basket from lack of spare cash? Well, you might be surprised to learn luxuries like these can actually bring you wealth, all with a little help from a personal loan.
If you’re battling an escalating credit card bill, a personal loan could provide a low cost solution. A low-interest balance transfer may sound like an appealing option but a personal loan could provide bigger savings on interest.
Personal loans are on the rise, as Australia’s economy steadies toward a full recovery. However, major banks are the ones enjoying the fruits of consumer confidence, while the rest are left with more to desire.
Savvy borrowers thinking about using current low interest rates to shop for a new loan or refinance old debts will need to do their homework to find the best personal loan deals.Personal loans still remain a cheaper option than many credit cards. The potential to lock in an unsecured loan at a fixed rate can also be attractive, so how do you make sure you find the best personal loan for your needs?
What to do when the bills, credit cards, personal loans get in the way of your relationship - a Valentine’s Day guide to financial and relationship bliss. You love the same music and movies, share the same tastes in furniture, art and food. You even discuss politics and religion peacefully. But what about your attitudes to money?
Used cars can be a financial blessing or a beast of burden if a personal loan is taken out for a dodgy deal. But insurance companies like the National Roads and Motorists’ Authority (NRMA) and the Royal Automobile Club Queensland (RACQ) report that a second-hand car is not a problem, so long as you know what you’re looking for.
A personal loan is a loan from the bank that can be taken out for any number of reasons - paying for an upcoming holiday, buying a new car, or even to cover education fees; it is simply for ’personal’ use.
Over the last 10 years households in Australia have borrowed an additional $770bn. Of this, 90% was used to buy assets. $420bn for houses to live in, $240bn for houses to rent and $40bn for shares. If borrowing was an Olympic sport, we would have to be a big chance for gold at the Debt Olympics.
Buy now, pay later - there's no shortage of interest-free offers from stores selling everything from designer furniture to home theatre packages. While it's tempting to take home the very latest gizmo and worry about paying for it later, be aware of how another big debt could affect your finances after the novelty wears off and real life kicks back in.
With yet another RBA interest rate rise to contend with, it’s looking less and less likely that you can move up to a luxury home with the lot - including a beautiful bathroom and ensuite.
The warning signs are unmistakeable: the euphoric high of several intensive shopping trips followed by a crashing low at bank statement time. Repeating this pattern of over-spending is likely to send your budget to break-point. Fortunately, you can take action to shake the habit with the help of the following guidelines.
The next time you need money, you will probably think about getting a personal loan or a credit card. Naturally, the main question revolves around which of the two is cheaper.