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Money tip #2 – debt management

Debt isn’t a dirty word, so long as you carefully manage it. When seeking a credit card or home loan, it’s absolutely imperative to read the fine print, factor the repayments into your budget and determine whether its value is worth the burden.

First, know exactly what the interest charges on your loan or credit are. Then, look at the annual fees or charges that relate to administration or one-off circumstances, such as late repayments. Shop around for the best deal that suits your purposes.

Keep a close eye on your debt and make sure you aren’t putting a black spot on your record. Every couple of years, request a copy of your credit report. You can obtain this free-of-charge from credit-reporting agencies, such as Veda Advantage and Dun & Bradstreet. If there are any charges on your credit report you believe shouldn’t be there, dispute them with the company in question so you can have a spot-free record.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Tuesday, December 20, 2011

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