CHRISTMAS is a time of joy and giving, but for a lot of residents across the Goulburn Valley, the start of the new year marks the reality of paying for school fees, uniforms and books at the same time as the arrival of the credit card statements with the season’s spending.
GMCU general manager, René Deen advised, “It is important to try and get on top of your Christmas spending quickly, or you might still be paying it off when next Christmas rolls around.
“It is also important to look at the interest rate you are paying. Credit card rates can be very high.”
Mr Deen recommends consolidating your credit card debt to a lower rate loan.
“Making a redraw on your home loan or starting a personal loan to repay your credit card could reduce your interest costs to a fraction.
“GMCU members are often amazed at how quickly they can repay a credit card when it is transferred to a lower rate loan with a regular repayment.”
Another option is to start saving for next Christmas now. Mr Deen said
“Making small regular deposits to a Christmas Club Account like $50 each week will mean you have around $2,000 to spend on Christmas presents in November.”
To find out more about debt consolidation or the benefits of banking with the GMCU, pop into one of the conveniently located branches throughout central Victoria. GMCU branches are located in Shepparton, Seymour, Mooroopna, Numurkah, Kyabram, Kilmore, Benalla, Euroa and Echuca.