UNDERSTANDING DEBT

What is good and bad debt?

It can be tempting to use debt to get what you want now and pay for it later. But too much debt can impact your ability to save and even make it difficult to meet your everyday expenses, particularly if you are borrowing using credit cards with high interest rates.

What you need to know

Avoiding unnecessary debt early in life will be a huge benefit later on. But, it is also important to understand that not all debt is bad. Purchasing assets that are likely to go up in value (such as your first home) or generating additional income using loans can often be a sound financial decision.

Ideally, try to avoid going into debt to pay for depreciating items, such as cars and luxury goods. You'll probably end up paying a lot more than you intended, so before you buy you should consider the total cost of the purchase, including interest repayments.

Getting started

  • Do your best to pay the balance of any credit card debt in full every month to avoid your credit card bill spiraling out of control
  • Shop around - find the cheapest card that suits your needs and cancel multiple cards
  • Start a budget so you know exactly how much you can afford to spend 

Count on us

A Count adviser can help you:

  • Review your finances and help you reach your goals 
  • Minimise your bad debt
  • Set up a budget and regular savings plan

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Get in contact

  • Biloela Office

    70 Callide
    Street Biloela Qld 4715
    Australia 

    Phone: 07 4995 6366
    Get Directions

  • Monto Office

    41 Newton
    Street Monto Qld 4630
    Australia

    Phone: 07 4166 1188
    Get Directions