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Get a view on your debt
Aside from the life necessities, like housing and food, paying down debt is one of the most important categories of your budget. Missed debt payments can see your debt balance grow and your credit score decline – which can impact the amount you can borrow in the future, if you need it. So, whether you’re budgeting for a big life goal, like buying a home, or simply want to get rid of your debts, factoring all your repayments into your budget is a must.
If you have only a small amount of debt or just one line of credit, it might be easy enough to pop the repayments straight into your budget from here. But if you’ve got multiple lines of credit (think credit cards, personal loans – anything that accrues interest every month that’s outstanding) or payment plans with varying interest rates, you might be better off working out a debt repayment strategy that works for you.
If you need more detailed help with working out your debt, visit our Managing Debt section.
The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.