Comparing loan & cards delivers huge savings

On a major debt like your mortgage, slicing just a fraction off the interest rate with a cheaper loan can mean big savings on monthly repayments.

The way we manage credit cards can also make a difference to our hip pockets. Sticking to the minimum monthly repayments may seem like a budget-friendly option but take a look at your monthly statement to see how much this is costing you in interest charges.

With our national credit card debt exceeding $50 billion, aiming to pay off as much as you can off the card each month makes good financial sense. Or switch over to a cheaper no-frills card to secure a lower rate.

Source: Ballina Shire Advocate

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