Personal Finance

Juggling Credit Cards, Loans & Bills – Consider These 3 Moves

When money is tight, you can feel all sorts of different financial pressures. Whilst having loads of different bills is hard; those that attract interest increase the pain. When it comes to bills, many are unaware of different options available to lighten the load and relieve budget related stresses.

Simply put there are various relief options available that many don’t know about. Balance transfers and consolidation loans are traditional methods. Whilst these tactics of restructuring finance can work, one must qualify and there are other proven options.

Having success with paying down bills comfortably is identifying which strategy works best for your circumstances and expectations.

Everyone’s financial situation is different and below are different relief options that many are unaware of.

  • Combining bills into one affordable repayment that fits your budget
  • Potentially stop further interest and fees and certain bills
  • Stop creditor and collection calls
  • Possibly reduce the overall amount owed
  • Save thousands in interest repayments*

In other words, having a professional structured budget. Having the right cashflow plan can do many things for you quickly. It provides a clear plan or strategy to work to that includes goals. With this comes financial certainty as everything is laid out and realised with short, medium and long-term milestones. It is a way to put your finance on autopilot and build towards a bright financial future whilst addressing current financial pressures.

Learn more about financial relief and budgeting

If you are snowed under with credit cards and/or personal loans and finding it hard to keep up with your repayment commitments, you can negotiate this! Yes, there is a way to speak to your creditors and adjust your original terms to the benefit of both parties. It is a proactive way to tackle bills before they spiral out of control and creditors take negative action.

Get the details on how this works here

A Formal Agreement is a legally binding agreement between you and your creditors to negotiate and settle bills without becoming bankrupt. It allows you to work with your creditors to repay an affordable percentage of what’s owed over a fixed time period – usually 3 to 5 years.

These payments are made to an appointed AFSA administrator, rather than directly to your creditors. Once you complete your payments and the agreement ends, the remainder of what is owed is dismissed.

Find out more on Formal Agreements here

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