The fastest ways to cull your credit card debt in 2017

The fastest ways to cull your credit card debt in 2017moneycover30

Source: Sophie Elsworth, News Corp Australia Network
January 29, 2017

THE financial pain that follows Christmas is about to be felt by those credit card customers who splurged over the festive break and left themselves with an oversized plastic bill.

While Christmas credit card debt hangovers are not a new thing, many card users fail to rein in their December spending, which leaves them scratching their heads in the new year on how they can pay the debt off.

And with a national credit card bill at $52.4 billion with $32.2 billion accruing interest, there’s plenty of cardholders who need to take action.

While plastic bills will start to arrive in the post or your inbox in the coming weeks if they haven’t already, new data by financial comparison website found a majority of card users (63 per cent) plan to pay back their debt immediately while the remaining cardholders will take three months or longer to do so.

And with the average credit card interest rate sitting at 17.3 per cent it can take months, if not years for many borrowers to cull the average card debt of more than $4000.

Crown Money Management founder Scott Parry said regardless of the size of your card debt it’s money you’re spending that you don’t have.

“Just say you have $10,000 in credit card debt, this means that person is literally putting their hand up and admitting they’ve just spent $10,000 more than they have earned,’’ he said.

“The first thing people can do is perform some plastic surgery, cut up your cards because there’s nothing more painful than paying for something you don’t have.”

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Scott-Parry-Profile-WEBAbout Scott

Scott Parry, founder and CEO of Crown Money Management, has been helping Australians manage their finances for close to a decade. Since launching his mortgage and debt management business from scratch in 2004, Parry has provided an alternative to the big banks that has consumer interests firmly at its core. 

From a one-man office in Perth, Crown has expanded to a national company that manages more than $250 million in home loans. This growth can be attributed to Parry’s radically simple approach to personal finance, addressing the number one financial concern for most Australians – debt reduction.

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*Comparison rates are calculated on the basis of secured credit of $150,000 over a 25 year term. Please note this comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.