Credit cards and personal loans 'are the worst kind of debt' - Getting in debt with a credit card or personal loan can be the worst kind, one writer has noted.
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Getting in debt with a credit card or personal loan can be the worst kind, one writer has noted.
Author: Sam Gooch
Date: Sep 14, 2010 - 10:50:55 AM
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Getting in debt with a credit card or personal loan can be the worst
kind, one writer has noted.
Credit cards
and personal loans are the worst type of debt that someone can have,
according to one industry expert.
Nicole
Pedersen-McKinnon, writing for the Sydney Morning Herald, said these
options are bad because of the high interest rates associated with them
and they are used for assets that lose value over
time.
"Or they are for experiences for which you'll
have nothing to show afterwards, such as holidays," she
added.
But she pointed out that a Credit card
is often the worst offender as the repayments are usually set so low
that people may never pay them off in full, while the rates are
typically the largest.
Ms Pedersen-McKinnon
recommended that the best way for someone to eliminate Aussie credit
debt is to transfer the balance to another product which has a much
lower or no interest rate for a starting period and attempt to remove
the debt in that time.
She continued: "Don't use
the card for any new spending - this is how the banks recoup their
apparent generosity. Fresh debt will attract a high interest rate from
day one and until you've cleared your entire transferred
balance."
Moreover, it is not just personal loans
and credit cards that are problematic as she noted that home
loans can also cause issues.
However, the
writer stated that there are "massive" potential savings from early
repayments.
This advice comes after the Daily
Telegraph's John Rolfe advised consumers to organise themselves
financially in order to save capital, as well as switching to a low-rate
credit card.
But those looking for lower home loan
fees may like to take heed of recommendations from Damon Nagel, a
director at property investment group Ironfish, who noted that these
charges, as well as interest, could be decreased by using a package that
the majority of financial corporations offer.
OZ Price Comparison website - http://www.which4u.com.au compares Credit Cards, Savings Accounts, Bank Accounts, Loans, Mortgages and Insurance to find the best OZ deals
View all articles by Sam Gooch
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