WORRIED ABOUT ONLINE SHOPPING?
Most credit cards offer protection against purchases made without your consent and have special clauses to include online purchases.
Many also offer additional pass or PIN code protections for online payments.
This is particularly valuable if you are purchasing from overseas sites.
KISS YOUR INTEREST FREE PURCHASE PERIOD GOODBYE
Your ‘up to 55 day interest free’ period (which is really a ’25 days from the statement date’ period) only operates when you pay off the full balance by the due date.
So if you only make minimum repayments you’ll never get any interest free period at all.
This is one to think about before 30 June. If you need to borrow to contribute $1,000 to invest in your superannuation, in order to receive the $500 Government co-contribution (and you’re confident you can pay the loan off quickly) it may be worth considering.
GET RICH QUICK
Whenever you hear those words, back away.
If it looks like a duck and quacks like a duck…
…if anyone suggests an investment that looks or sounds like it might be a ‘get rich quick’ scheme, a ‘no brainer’, ‘you can’t lose with this one’, be very, very cautious.
Get rich, sure, but do it the smart way… get rich slowly.
Switching home loans could save you money and give you the flexibility you need to allow you to better manage your finances, but you may end up worse off if you’re not careful. Read Refinancing Pros and Cons before you decide.
A NEW CAR? A WELL DESERVED HOLIDAY?
Refinancing could let you use the equity you’ve built up in your home to renovate, or replace that aging car, maybe even sneak off for a holiday overseas.
But that would also increase your debt and make the amazing power of compound interest work harder against you.
JUST STARTING OUT?
Some banks offer micro enterprise loans to enable businesses to get started.
This is usually in the form of a credit card issued in the name of the business, (with an interest rate at the low end of credit card rates).
Your application will be assessed both in the context of your personal credit rating, and of your business plan.
Start by searching your bank's website for 'micro business loan' or 'micro enterprise loan'.
THINK YOU MAY HAVE BEEN SCAMMED?
• Report it to your bank.
• File a police report.
• Get a copy of your credit report - check that no-one is using your name to borrow money or run up debts.
• Warn your family and friends.