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St George: The Drain of Credit Card Debt
St George Bank
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Are you tired of seeing your cash flow down the drain of credit card debt? Each month, you get paid and a large part of your income goes straight towards your home loan repayment, personal or car loan and bills. Then you have a bit of cash to live off for the remainder of the month, until the cash dries up and you start using your credit card to get you through to your next pay day. This cycle continues each month, meaning you owe more and more on your credit card as the charges and interest mount up.
Whether your credit card or cards are with St George Bank or another lender, you can break the cycle of credit card debt with some minor adjustments to your money management.
When it comes to paying off your St George credit card, you should always pay more than the minimum amount. These minimums are set for you to pay off just the interest without tackling any of the debt itself. By paying more than the minimum amount, you can clear your debt faster and stop seeing your money flushed away through interest charges.
Credit cards, such as the range offered by St George, carry a higher rate of interest than home loans, so a solution to handling your credit card debt may be to consolidate your loans. This means your St George credit card debt, home loan and other debts such as personal loans or car loans are combined into one loan, which requires only one payment each month.
As far as spending is concerned, you should try to avoid using your St George credit card except for emergencies. If you are tempted to put an impulse buy on plastic, first give some thought to the extra money it will cost you once you factor in interest charges.
Credit cards make overspending too easy for most consumers, and the interest and fees payable work to add profits to the coffers of the banks. A much safer alternative is a product such as St George's Visa Debit Card. This card allows you to use your card online, and at 24 million outlets worldwide, but allows you to access your own funds rather than rack up a credit card debt.
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