Smart.Happy.Money 6: Credit Cards are Killing You

Somewhere along the line, most people have been convinced that by taking a credit card or personal loan they are giving themselves the opportunity to live the life they really deserve. That is how the bank's market these products. It’s all about ‘Freedom’. Freedom to do what you want, credit card ads showing people on holidays or enjoying more time with the family.

It’s all marketing and even though it is true that you will enjoy whatever it is you spend your borrowed money on, the advertising doesn't show the years of work it will take to pay the debt off.

Did you know that a $5000 credit card at 18% will take 33 years to pay off, if you pay the minimum payments?

Having a high level of personal debt can be crippling. Financial stress is one of the main reasons that couples separate and having personal debt taking up a lot of your income creates financial stress.

So, how do you deal with it?

Firstly; if you don’t have any personal debt (credit cards, personal loans) then well done, let’s keep it that way. Ignore the letters that arrive from banks offering you credit cards, it’s just not worth it.

Secondly; if you already have personal debt then this is for you.

I have just published a strategy paper to the BGN Financial Management website entitled ‘Credit Cards are Killing You’ This strategy paper explains a simple way that you can pay off your credit cards and personal loans.

You can get your copy here

Click Here

Check it out, see if it works for you.

I would love to hear your thoughts, you can email me at

And feel free to share this strategy paper with anyone who you think might find it helpful.

Have a great Day.

Ben Graham-Nellor

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Ben Graham-Nellor is an advisor, coach, blogger and speaker who has worked in the financial services industry for over 15 years.

BGN Financial Management Pty Ltd is a Corporate Authorised Representative 468796 of Professional Investment Services Pty Ltd AFSL 234951 ABN 11 074 608 558

The information in this communication has been prepared on a general advice basis only. The advice has been prepared without taking account of your specific objectives, financial situation or needs. Accordingly, you should, before acting on the advice, consider the appropriateness of the advice having regard to your objectives, financial situation and needs. In cases where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (or other relevant information statement) and consider such document before you make any decision about whether or not to acquire the product. For these reasons, it is imperative that you seek advice from your financial adviser before making any investment decisions.

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