Quick Quote
One simple enquiry form gives you fast access to quotes and rate comparisons from some of Australia's leading debt consolidation specialists.
All quotes are provided free and without obligation by a specialist from our national broker referral panel. See our privacy statement for more details.
Knowledgebase
Mutual Fund:
An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and other assets.
Debt Consolidation Australia :: Articles

Managing Credit Card Debt

How can I effectively manage and reduce my credit card debt?

Managing Credit Card Debt

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

If your credit card debt is starting to get out of control - or you simply want to know how to avoid potential credit card pitfalls, you are not alone. Managing credit cards is a problem faced by many who are now drowning in an ocean of debt. Here are some simple strategies that may be of help.

Consequences

Some people think that credit cards are free money to be used and never think of the consequences of overspending.
Now people around the country are faced with debt management to get out of debt and enjoy life again.
Learning how to consolidate debit is important and learning how to stay out of debt is even more important.

Put them away

To keep your debt from spiraling even more out of control, you should consider putting your credit cards away for a while. Try to use cash to make purchases and make sure to learn how to channel your spending habits.
Debt Stressed?
Image for Debt Stressed?If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!
You’ll want to exercise restraint in spending and not buy everything you see. You should work on a monthly budget to help you control spending.
Just because something is on sale now, doesn’t mean you need to buy it now.

Keep them under control

Don’t ever use more than 70% of your credit line at one time, that is a basic rule to be followed.
Keep your spending under control until your income goes up or you get out of debt. You don’t want to make things worse and harder on you and your family by putting yourself into even more debt.

Consolidate and save

You may also want to consider learning how to consolidate debt. This means you move the balance of all of your credit cards onto one card.
This card should have a zero interest as a starting benefit or have a lower interest rate than your other cards.
Make sure you read all the fine print before you do anything, because you don’t want to miss an important fact and end up paying more money. You can compare credit card offers here.
You can also call your credit card company and try to negotiate with them and see if they can lower the interest rate on your current card.
Another alternative is to consolidate your credit card debt with a personal loan. This should mean a single monthly repayment at a lower interest rate ... but you should also take steps to avoid accumulating new credit card debt in the future.

Pay them off

Try to pay off as much of your debt as you can each month. This will help you save money by lowering the interest rates you are paying each month. You also may want to consider closing out some of your credit card accounts.
Make sure you aren’t applying for more credit cards just because you have no more credit available to you on your current card. You will find yourself in even more trouble if you do that. You should also be warned that you may not even get the credit card approved if you try to do this since you are wrecking your credit rating already. Try to stay away from any kind of new loans at this time, until you are out of debt.
Remember that most things you want to buy can be bought later on and you don’t need them now. Having security and money in the bank will protect you and your family.

Published: Sunday, 1st Aug 2021
Author: 8


Debt Consolidation Articles

Consolidating Debt: Choosing the Right Strategy for Your Financial Future
Consolidating Debt: Choosing the Right Strategy for Your Financial Future
Debt consolidation is a financial strategy that has gained widespread attention, especially within the diverse economic landscape of Australia. It involves combining multiple debts into a single, more manageable loan, with the aim of simplifying the repayment process and potentially securing a lower interest rate. This approach can be particularly relevant for Australians juggling various forms of credit, from personal loans to high-interest credit card debt. - read more
Financial Planning 101: How to Get Ahead of Your Debt
Financial Planning 101: How to Get Ahead of Your Debt
Welcome to Financial Planning 101: How to Get Ahead of Your Debt! If you're feeling overwhelmed by your financial situation, you're not alone. Many people struggle with managing debt and finding ways to achieve financial stability. - read more
The Beginner's Blueprint to Creating an Effective Family Budget
The Beginner's Blueprint to Creating an Effective Family Budget
In a world marked by economic uncertainties and the ever-mounting cost of living, the importance of a sound family budget cannot be overstated. Today's economic climate necessitates not just prudent but strategic financial planning. With the right budget in place, families can navigate the choppy waters of their finances, avoiding the all-too-common pitfalls of overspending and under-saving. - read more
The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring
The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring
Financial stability is a common aspiration, yet many Australians find themselves weighed down by the burden of debt. Whether it’s due to loans, credit cards, or unexpected financial emergencies, the struggle to stay afloat is a reality for countless individuals striving to achieve their dreams of a secure, debt-free future. - read more
How to Create a Realistic Family Budget: A Step-by-Step Guide
How to Create a Realistic Family Budget: A Step-by-Step Guide
Creating a family budget might sound daunting, but it’s an essential step toward financial wellness. It’s about understanding where your money comes from and where it goes, allowing you to make informed decisions about your spending and savings. A well-planned budget can be the key to reducing financial stress and ensuring a secure future for your family. - read more
Finance News

Australians Cite Housing Expenses as Leading Financial Stressor in 2026
Australians Cite Housing Expenses as Leading Financial Stressor in 2026
18 Mar 2026: Paige Estritori
As Australians navigate the financial landscape of 2026, housing costs have emerged as the predominant concern, with 22% of respondents in Canstar's latest Consumer Pulse Report identifying mortgage and rent expenses as their primary financial stressor. This figure has more than doubled over the past five years, reflecting the escalating burden of housing affordability. - read more
Understanding the RBA's February Rate Cut and Its Impact on Your Finances
Understanding the RBA's February Rate Cut and Its Impact on Your Finances
10 Mar 2026: Paige Estritori
In February 2025, the Reserve Bank of Australia (RBA) reduced the cash rate by 0.25 percentage points, bringing it down to 4.10%. This move, the first rate cut since November 2020, aims to stimulate economic growth amid slowing inflation and global uncertainties. - read more
Navigating APRA's New Debt-to-Income Loan Cap: Implications for Borrowers
Navigating APRA's New Debt-to-Income Loan Cap: Implications for Borrowers
10 Mar 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has announced a significant policy change, introducing a 20% cap on new loans with a debt-to-income (DTI) ratio exceeding six times the borrower's income. This measure, effective from February 2026, aims to mitigate potential risks associated with high levels of household debt. - read more
The Rise of Cryptocurrency-Backed Loans in Australia: Opportunities and Risks
The Rise of Cryptocurrency-Backed Loans in Australia: Opportunities and Risks
10 Mar 2026: Paige Estritori
In recent years, Australia has witnessed the emergence of cryptocurrency-backed loans, where digital assets like Bitcoin and Ethereum are used as collateral. This innovative lending practice offers borrowers access to funds without liquidating their crypto holdings, appealing to those who anticipate future appreciation of their digital assets. - read more
APRA's New Cap on High Debt-to-Income Home Loans Explained
APRA's New Cap on High Debt-to-Income Home Loans Explained
02 Mar 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending. This measure applies to both owner-occupiers and investors, with an exemption for new housing developments. - read more