CHOICE Voice

That R word – recession – just won’t go away. It’s looking gloomy out there, with unemployment steadily increasing and many Australians facing redundancy. At the same time, household debts are higher than ever.

So CHOICE has prepared a survival guide for the global financial crisis. We regularly put financial services and providers under the microscope, looking at everything from health and car insurance to the best (and worst) credit cards and home loans. 

Steps to reducing your debt:

• Make a budget  – Use our worksheet. Consider options to reduce your living expenses, such as selling the second car, as well as ways to increase your income, such as asking any adult children who still live with you to contribute to household expenses.
• Research ways to cut back on expenses; talk to family and friends and for useful websites, see Debt Relief Contacts.
• Get ahead  – Once you’ve freed up some cash, make extra repayments, which can slash thousands of dollars in interest off your mortgage and credit card(s).

Already have a great money saving tip? Share it with us and read other consumer tips. And we also have the following money reports to get people ’Back in Black’
(with apologies to rockers AC/DC):

• Debt relief
• Ten easy ways to beat the global financial crisis
• Compare credit cards
• Refinance your home loan
• Mortgage stress
• Switch financial service providers and save
• Your super and the global financial crisis
• Early release super schemes