2023 / Home Loans / Personal Finance

Let’s Talk About Debt, Baby

WFO 23 Mar Issue 3 Woman concerned about her credit card debt: Read this article for tips on reigning in your debt Let's Talk About Debt Baby? p12

There are two which one could argue are ‘good debt’ – can you pick them?

Let’s Talk About Debt, Baby
Meet Ashleigh, who has a car loan.

Credit cards.
Personal loans.
Buy-now-pay-later
Tax debt.
HELP debt.
Mortgages.
Payday loans.

There are two which one could argue are ‘good debt’ – can you pick them?

If you said mortgages and HELP debt, you’d be right. The others, we generally want to steer clear of.

There’s a lot to know about debt. Rather than getting hot and heavy, let’s take things slow and get to know a bit about these ladies.

Ashleigh is 22 and lives with her family. When she had her first financial coaching session, she mentioned she had a car loan. She borrowed a total of $20,000. $17,000 of this was used to buy a car and the remaining $3,000 was spent frivolously. Oops.

She had no idea what the interest rate was on her loan and was shocked to hear it was 13.5% pa. The high rate was partly due to the loan being ‘unsecured’, meaning they can’t take the car if she stops making repayments.

Continue reading to find out what Ashleigh, and the other eight things you must know on the day you start work…

Read the full article in WFO 2023 Mar Issue 3 – Click below to subscribe now


Get Focused for 2023

Read Let’s Talk About Debt, Baby and learn the top tips to managing your debt in WFO 2023 Mar Issue 3.

WFO Women's Money Magazine WFO 2023 Mar Issue 3. Cover Image shows a happy, mature woman wearing a red tshirt on a red background. She has a her arms folded in front of her and has long wavy hair. This WFO issue focuses on debt and loans.
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