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Avoid the Personal Debt Trap

By Administrator 01 December, 2014

One of the easiest ways of falling into debt is through excessive credit card use. Avoid the grievances and traps of personal debt and educate yourself on these common debt traps.

New Credit Card: Many people will simply obtain a new credit card in order to pay off their old credit card. Credit card providers are more than happy to give you a card, but you need to make sure you don’t fall behind even further on payments when it comes to paying off increasing credit card debt.

Credit Limits: Don’t fall into the trap of viewing credit limits as an approval to keep spending. Budget wisely and make sure you can actually afford to pay back a product before deciding to buy it.

Ignoring Letters: Choosing to ignore the piling letters from banks is not a solution to your problems. The faster you are able to recognise your inability to repay what you owe, the easier it will be to set a course of action.

If you feel as though you have fallen into one or more of these debt traps and are concerned about falling behind on your personal debt repayments, do not hesitate to call the experts at Debt Free Australia on 1800 676 598. We operate 24 hours a day, 7 days a week and are ready any time to take your call.