How to get out of holiday debt

Switzer01-13

Christmas lunch is over, all the presents are unwrapped. Now comes the hard part: paying for it all.

If you’re in that position, you’re not alone. Personal credit and charge-card balances ...

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Personal credit and charge-card balances ...</p>\n\n<a href=\"https://switzer.com.au/the-experts/angelique-nadia-sweetman-mcinnes/how-to-get-out-of-holiday-debt/\">Source Link</a>\n\n</div>\n","source":"switzer_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to get out of holiday debt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to get out of holiday debt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-13 04:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://switzer.com.au/the-experts/angelique-nadia-sweetman-mcinnes/how-to-get-out-of-holiday-debt/><strong>Switzer</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p><p>Christmas lunch is over, all the presents are unwrapped. Now comes the hard part: paying for it all.</p>\n<p>If you’re in that position, you’re not alone. Personal credit and charge-card balances ...</p>\n\n<a href=\"https://switzer.com.au/the-experts/angelique-nadia-sweetman-mcinnes/how-to-get-out-of-holiday-debt/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ASIC","symbol_name":"Ategrity Specialty Holdings","start_time":0,"source_url":"https://switzer.com.au/the-experts/angelique-nadia-sweetman-mcinnes/how-to-get-out-of-holiday-debt/","article_id":"2603677526","we_media_id":null,"thumbnails":["https://switzer.com.au/wp-content/uploads/credit-card-wallet-payment-aleksandrs-karevs-unsplash.jpg"],"rights":{"source":"switzer_stock","url":"https://switzer.com.au/the-experts/angelique-nadia-sweetman-mcinnes/how-to-get-out-of-holiday-debt/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2603677526","pubTimestamp":1768250438,"columns":[],"sourceInfo":{"source_id":"switzer_stock","name":"Switzer"},"weMediaInfo":null,"summary":"Here’s what you need to know about starting to repay those common debts, especially if you have more than one loan.","collect":0,"end_time":0,"defaultTopTitle":"switzer.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"ASIC":"Ategrity Specialty Holdings","XAO.AU":"标普/澳交所 普通股指数","XJO.AU":"标普/澳交所 200指数","BK4107":"财产与意外伤害保险","XKO.AU":"标普/澳交所 300指数"},"translate_title":"如何摆脱假期债务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XKO.AU":0.7,"XJO.AU":0.7,"ASIC":1,"XAO.AU":0.7},"content_text":"<p>Christmas lunch is over, all the presents are unwrapped. Now comes the hard part: paying for it all.</p>\n<p>If you’re in that position, you’re not alone. Personal credit and charge-card balances racking up interest hit <a href=\"https://www.abc.net.au/news/2025-11-27/black-friday-sales-pressure-pushing-families-into-debt/106050862?utm_source=abc_news_web&amp;utm_medium=content_shared&amp;utm_campaign=abc_news_web\">a four-year high</a> of A$18.4 billion in September this year – even before the Black Friday and Christmas sales.</p>\n<p>Last year, a <a href=\"https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-118mr-5-million-australians-have-struggled-to-make-loan-and-debt-repayments-yet-many-not-asking-for-help\">survey</a> for the Australian Securities and Investments Commission (ASIC) found almost half of Australian adults with debt had struggled to make repayments in the past 12 months.</p>\n<p>That same survey for ASIC found Millennials aged in their late 20s to early 40s were the generation most likely to experience financial hardship. Yet <a href=\"https://download.asic.gov.au/media/z5zhgw1k/24-118mr-key-research-findings.pdf\">most were unaware</a> of their right to <a href=\"https://moneysmart.gov.au/managing-debt/financial-hardship\">apply for hardship</a> help through their lender.</p>\n<p>Especially at this time of year, it’s easy to rack up big bills on credit cards or buy now, pay later payments. Here’s what you need to know about starting to repay those common debts, especially if you have more than one loan.</p>\n<p></p>\n<h2>Watch the interest on your credit card</h2>\n<p>Over recent years, <a href=\"https://theconversation.com/cash-could-be-almost-gone-in-australia-in-a-decade-but-like-cheques-wholl-miss-it-208020\">credit has overtaken cash</a> to be the <a href=\"https://www.rba.gov.au/payments-and-infrastructure/consumer-payments-explorer/\">second most popular way</a> to buy things in Australia, behind only debit cards, which tend to have lower checkout fees.</p>\n<p>If you’re able to repay the full balance each month, buying on credit is not necessarily a problem. </p>\n<p>But more than one in three (36%) of Australians have unpaid credit card bills accruing interest, according to a <a href=\"https://www.roymorgan.com/findings/10051-credit-card-analysis-press-release\">Roy Morgan survey</a> of more than 22,000 credit card holders published in November. That survey found the median amount owed with interest was $1,037. People paying off mortgages tended to owe more: $1,342.</p>\n<p>According to <a href=\"https://www.rba.gov.au/statistics/tables/xls/f05hist.xlsx\">Reserve Bank of Australia</a>, average interest rates on credit cards at the end of October were up to 20.99% a year. In contrast, low-rate cards charge 13.49% per year. That’s a big difference. So choosing the right card can save you a lot in interest repayments.</p>\n<p>One of the ways people often get into trouble is by not reading and understanding the <a href=\"https://moneysmart.gov.au/glossary/product-disclosure-statement-pds\">product disclosure statement</a>, which sets out the credit terms, then finding their credit use is stretching their budget too far.</p>\n<h2>The rise of buy now, pay later</h2>\n<p><a href=\"https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services\">Buy now, pay later</a> lets you buy a product immediately, while delaying the repayments – sometimes over just a few weeks, but potentially over longer periods.</p>\n<p><a href=\"https://static1.squarespace.com/static/63b7ac2f8485d929e7851d13/t/667e58fc9a95d71c9bd8a168/1719556360683/BNPL+Economic+Impact+2024.pdf\">Almost a third</a> of Australians were already using it by mid-2023. </p>\n<p>But <a href=\"https://theconversation.com/research-suggests-those-who-use-buy-now-pay-later-services-end-up-spending-more-246686\">overseas research suggests</a> people who use buy-now, pay-later services – especially, younger shoppers and those with lower incomes – end up spending more online than those who don’t.</p>\n<h2>How to start reining in your debts</h2>\n<p>Don’t beat yourself up over your holiday spending. Anxiety, shame and feelings of failure can <a href=\"https://download.asic.gov.au/media/fm4dwcam/24-118mr-infographic.pdf\">stop people getting help</a>. So forgive yourself – then start <a href=\"https://moneysmart.gov.au/managing-debt/get-debt-under-control\">taking control</a> of your money.</p>\n<p>Contact your bank or lender’s <a href=\"https://moneysmart.gov.au/managing-debt/financial-hardship\">financial hardship team</a> to get out of high interest loans as soon as possible. Under the law, lenders have to respond to your request for help. </p>\n<p>Switch to a zero or low-rate card, or refinance with a lower cost personal bank loan. Then look at negotiating a suitable payment plan with the loan provider based on your income and what you have available after necessary expenses.</p>\n<p>While paying off your debt, actively visit comparison websites and compare credit card interest rates and offers. Sometimes credit card companies offer interest-free periods if you refinance your existing credit card balance with them. </p>\n<p>The 2024 ASIC survey <a href=\"https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-118mr-5-million-australians-have-struggled-to-make-loan-and-debt-repayments-yet-many-not-asking-for-help/#:%7E:text=Despite%20struggling%20to%20make%20repayments,applying%20for%20financial%20hardship%20assistance.\">found</a> many Australians are so reluctant to apply for financial hardship assistance that they would rather sell belongings (42%) or get a second job (40%) first. Don’t avoid seeking assistance – but both of those ideas may help too.</p>\n<p>To lighten your debt burden, sell or return any unwanted gifts or unused items.</p>\n<p>If you feel comfortable, you can also ask your employer for extra paid hours, or to sell back some of your annual leave.</p>\n<p>If it’s not a conflict with your main job, consider taking on a second job outside work, such as weekend, night or public holiday shifts to take advantage of <a href=\"https://www.fairwork.gov.au/newsroom/news/protecting-penalty-and-overtime-rates-fair-work-act-changes\">penalty or overtime rates</a>. </p>\n<p>Talk to family and friends. Whether you ask for money or not – and that can be tricky for everyone – don’t keep your debts a secret. </p>\n<p></p>\n<h2>Where to get more help</h2>\n<p>Free, confidential financial or personal support is available from:</p>\n<ul>\n<li><p>the <a href=\"https://ndh.org.au/\">National Debt Helpline</a> is open Monday to Friday, 9:30am to 4:30pm. Call 1800 007 007. Or live online chat, Monday to Friday, 9am to 8pm. Closed public holidays. </p></li>\n<li><p><a href=\"https://ndh.org.au/debt-solutions/emergency-assistance/\">emergency financial assistance services</a> Australia-wide. </p></li>\n<li><p>the <a href=\"https://www.probonoadvice.com.au/\">Pro Bono Financial Advice Network</a> offers help for people with serious illness or disability who are experiencing significant financial hardship.</p></li>\n<li><p><a href=\"https://wayforward.org.au/\">Way Forward</a>, Monday to Friday, 9am to 7pm. Call 1300 045 502. This is a free, not-for-profit service for people needing help with a debt repayment plan.</p></li>\n<li><p><a href=\"https://www.lifeline.org.au/\">Lifeline Australia</a> is a 24-hour crisis support service. Call 13 11 14.</p></li>\n</ul>\n<hr>\n<p><em>Disclaimer: This article provides general information only and is not intended as financial advice.</em><img src=\"https://counter.theconversation.com/content/270071/count.gif?distributor=republish-lightbox-basic\" alt=\"The Conversation\" width=\"1\" height=\"1\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important\" referrerpolicy=\"no-referrer-when-downgrade\" /></p>\n<p><span><a href=\"https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909\">Angelique Nadia Sweetman McInnes</a>, Academic in Financial Planning, <em><a href=\"https://theconversation.com/institutions/cquniversity-australia-2140\">CQUniversity Australia</a></em></span></p>\n<p>This article is republished from <a href=\"https://theconversation.com\">The Conversation</a> under a Creative Commons license. Read the <a href=\"https://theconversation.com/deep-in-holiday-debt-how-to-start-repaying-overdue-credit-and-buy-now-pay-later-bills-270071\">original article</a>.</p>\n</div>\nRelated posts:What Trump's Venezuela plan means for oil pricesThe laws changing in 2026 that will hit your hip pocket and your portfolioYour investor calendar: what to watch on the markets this weekAre Aussie mining stocks set to suffer in 2026?Australia's roads are becoming clogged with giant cars: here's how it's affectin...","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603677526","isCrawlerRequest":true}