Posts Tagged :

debt

7 steps to perfect credit card use

New Zealand’s collective credit card debt was nearing $7.2 billion in June this year. Your contribution to this growing national burden may be miniscule, but it probably doesn’t feel that way when your credit card bill thuds ominously onto the welcome mat. So, how can you avoid credit card debt in New Zealand? Many people believe using your credit card is always a bad idea. However, if you’re savvy and organised, paying on plastic doesn’t have to be the road…

read more
Should you consolidate your debts? We weigh up the pros and cons

Debt in New Zealand has been slowly increasing over the past few decades, and household debt is higher than it’s ever been in 2018. If you have a lot of debt, you may be considering debt consolidation, which has its benefits – as long as you’re aware of the risks. Pros of consolidating your debt If you pursue debt consolidation, you’ll be able to combine all of your debts into one loan, giving you just one payment to make each…

read more
Scared of your finances? 5 ways to get control over your money without looking through your fingers

Money management can be a terrifying thing. Especially if you’ve got debt – seeing large sums go in and out of your bank account is enough to give anyone the willies, even if it’s ‘good’ debt (such as a home loan). But there are strategies you can use to cope, and to not only manage your money but actually overcome those ghosts of spending past. Here’s five we’ve rounded up. Know where your money is going. Knowledge is power, and…

read more
Money worries giving you a headache? Talk to a financial mentor straight away for free

Being snowed under by bills or chased by a lender or debt collector can feel stressful. Having your bank balance constantly in the red can feel like life is spinning out of control. It can help to talk to someone about what’s happening, get another perspective and put a plan into place. Thanks to Fincap, you can get support for free. Fincap has set up a new helpline, MoneyTalks, which is an easy first port of call for anyone needing…

read more
How can I improve my credit score?

How creditworthy are you? Even seemingly minor things like missing a single mobile phone payment or applying for a few credit cards at once can negatively impact your borrowing capacity. But don’t despair; there are many ways you can improve your credit rating in New Zealand, even if you’ve made a few mistakes in the past. More than one-third of New Zealanders are either struggling financially or just about getting by. Stay credit active The best way to have a…

read more
Using a credit card for everything? There are other ways to pay

Don’t believe you have to have a credit card. Paying interest sucks. It sucks the lifeblood out of your finances. That’s because unless you clear your entire bill within the interest free days, you pay interest. That interest means you’re paying as much as 22.95% more than your mates at the mainstream banks for the same things, which has a detrimental effect on your finances over time. Other (cheaper) ways to pay Thankfully there are way more credit-free ways to…

read more
Invest or save? Three things every Kiwi should consider before plotting a path to financial freedom

You, your wallet, and your spare change walk into a bank. What, were you expecting a punchline? Well, these isn’t one! Your financial future is no joke. That said, the wealth of savings options available to Kiwis these days will have you laughing all the way to the bank. Or credit union. Or investment company. Or or or… do you see the problem yet? Saving money is always a smart idea. But we reckon being spoiled for choice still presents…

read more
Has Cupid’s arrow struck? Don’t date your way into debt!

We know your new girlfriend or boyfriend wants to go out every Friday. Even two drinks each, some snacks and an Uber ride home could set you back $50. It’s dead easy to blow $100 if you throw food in as well. What’s more, dating can send your credit score south. Fast. Let’s say you spend $150 a week going out, $300 a couple of times a year on a weekend away, $200 on his/her birthday, and flowers or chocolates…

read more
Why being a credit ‘deadbeat’ is actually a good thing

Are you a deadbeat? When it comes to credit cards, that’s actually a good thing. Yep, a ‘deadbeat’ is a term for someone who pays off their credit card in full and on time every month. Why a deadbeat? Well, if you pay off your card each month, the credit card company doesn’t charge you interest  –  so they won’t make any money off you. (Credit card companies also use the much more polite terms ‘non-revolver’ and ‘transactor’.) As a…

read more
Help! I can’t pay my mortgage

Perhaps you’ve lost your job, you’ve fallen ill, can’t sell but have bought a new property, the property is uninhabitable thanks to an earthquake, or have no rent coming in. Whatever the cause, if you can’t make mortgage payments your finances can turn to custard rapidly. Non-payment will do your credit score a lot of damage. Even worse, it ultimately leads to your home or investment property being repossessed if you can’t make mortgage payments. Talk to the bank and…

read more