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Aussies turning to debt to make ends meet

There are 13.7 million Aussies that own a credit card. You have to be at least 18 years old to get a credit card, typically speaking and more than half of the adult population in Australia is currently in credit card debt. Paying down your debt can be strenuous, but for innovative Australians, it doesn’t have to be.

Recognizing Additional Fees

Aside from credit card balances, credit card fees are another culprit responsible for money coming out of the pockets of hard-working Australians. The good thing is, that there are ways to avoid facing some of these fees and even paying down your credit card balance.

Other than your balance there are some fees that you need to be aware of so you aren’t blindsided.

  • Interest charges
  • Over-the-limit fees
  • Balance transfer fees
  • Late payment fees
  • Annual fees
  • Foreign transaction fees

 

These are only a few of the common fees that you might see associated with credit cards.

Avoiding Those Fees

Avoiding credit card fees might seem far out of reach but it can be done as long as you know how credit cards work and you start to practice a bit of money management skills.

For example, annual fees are often something credit card holders have to deal with making just owning a card something else you might have to pay for. On average, annual fees could go as high as $400 for some issuers. This value does fluctuate. The way that you can avoid this type of charge is by checking the actual policy for the card. 

You want to do this because many credit card companies or platforms will often waive the annual fee for the first year of you having the card. There may also be some large purchases that could allow you to qualify for having the fee waived in general.

As another example, with late payment fees, this might take a bit of self-discipline along with some strategizing. You can avoid paying these fees simply by setting reminders or better yet, you can set up autopay. Some companies will even provide a perk for setting up your payments this way upon signing for the card.

How to Pay Off Your Balance in Record Time

Keep in mind that your card issuer could cancel your credit card altogether if you have been consistently missing payments. To avoid this, the best option is to start paying off that credit card debt right away without allowing it to sit and accrue interest over time.

Using a digital IOU will give you the flexibility to develop your own repayment terms and it’s a fast way to get the funds you need without having to wait for days or even weeks. IOUcash is an online platform that allows users to request money from mates or family members without having to go through a traditional bank or credit union.

If you have a mobile phone, a friend or family member, and a need for quick cash, you already have everything you need to not only get started but to set up the entire agreement. Ready to get out of credit card debt? Here’s what you’re going to do:

  • Pre-register with IOUcash
  • Assess your credit card balance
  • Decide on how you’d want to repay that balance
  • Open your contacts and send the proposal over to one of your mates
  • Once accepted, submit your credit card payment in full to your card issuer
  • Start paying back your mate bit by bit

Nervous about asking a mate for financial help? No need to worry, IOUcash gives mates a simple, professional, and secure way to borrow right within their friend group. Keep in mind that money lending between friends often represents trust not to mention when you use IOUcash you’re essentially saving money because you won’t have to worry about interest or late fees from borrowing; you created your own lending terms remember? 

Also, your mate will be getting back their cash without the worry that they won’t. Pre-register today to pay off your credit card tomorrow.

We have built the solution for you.

IOUcash offers no misunderstandings, no lengthy paperwork, and no loss of relationships with streamlined peer-to-peer lending, because it, should be just that…mates helping mates.

Be one of the first to use us to get a digital IOU. Pre-register now!

The Cash Mag

Helping everyday Aussies do better with cash.