How to manage your debt

To build wealth and focus on important financial goals, you need to trim down and ultimately eliminate debt. These debt management tips will help you stay in control of your money.

Depending on your lifestyle and how long you’ve had a credit card, paying off your credit card debt can seem challenging and may stand in the way of your other financial goals. Luckily, there are different methods available for you to pay off your credit card debt faster.

When interest rates rise, it can be challenging to keep up your lifestyle and manage the effects of it. Rising interest rates will have an impact on your monthly expenses and reduce your spending power as both borrowing costs and your bond repayments increase. 

Dreaming of a new car, home ownership or simply more financial freedom? A strong credit score is vital for achieving such goals, opening doors to better interest rates on loans, credit cards and even lower insurance premiums.

If you’re looking to buy a house or car or sign up for a credit card or loan, you could be asked whether you want a fixed or variable interest rate.

Consumers have a wide range of different credit options to choose from nowadays, including loans, buy now pay later (BNPL) and overdraft facilities. All three are forms of credit that help you finance your purchases over a period, but they have key differences.

There are many good reasons to get a credit card, and choosing the right one for your needs and spending habits can help you achieve your financial goals efficiently and affordably.

Whenever you swipe your credit card in-store, you’ll most likely be asked whether you want to make the purchase ‘budget or straight’. The bank provides these payment facilities to give you options for how you plan to pay and how you’d prefer to structure the interest.

You might be offered a store credit card at your favourite retailer, and since you shop there often, it might seem like a good idea. However, before you sign up, make sure that you know exactly what you’re getting into. When it comes to retail purchases, both credit cards and store cards help you afford your purchases, but they’re not the same.

There are times when you’ll need to unlock some extra cash, whether it’s for an emergency, a big expense or just enough to tide you over - and having access to credit can be a financial lifesaver. However, knowing how to use it is important for managing your money well and helping you best benefit from it.