Give the Credit Card a Battering Over Christmas?
Jan 03, 2014, updated May 12, 2025
Did you give the credit card a bit of a workout over Christmas?
Credit card debt is unsecured – not usually backed by an asset that is appreciating or depreciating and is debt that can very quickly become unmanageable.
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Here are some tips to help manage your debt stays in control:
- Pay the bill. It may seem really obvious, but paying the total balance owed when it falls.
- Get organised. You can’t manage a situation you know nothing about or where you stand within it. Write down your balances for each credit card, minimum payments due, annual fees, and interest rates for each. Knowing when payments are due is also a good idea. The idea is to have none or just one live credit card.
- Pay off something. You’ll be surprised how motivating it is. Your smallest balances will probably be the quickest to pay off first. Dealing with bite size chunks, rather than the lump sum you may owe across all debts, is often easier.
- Consolidate. Look to see if consolidating your debts will make payments more manageable.
- Balance transfer. Transferring balances from high interest rate cards to lower interest rate cards is also an option. If consolidating all of your debts is not an option, think about consolidating a few.
- Try using cash or a debit card: there’s nothing to pay later. Build expenses into your budget and you won’t find yourself between a rock and a hard place.
- Live within your means. How and when will you repay it? If you can’t repay it, for whatever reason, then consider waiting until your budget can handle it.
At BankSA we can assist with a whole range of banking and finance needs including debt management, just drop into your local branch or visit www.banksa.com.au for more information.
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