Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Getting Credit Card Debt Under Control

Getting Credit Card Debt Under Control

Wellington Office Manager Raeanna Thomas, who features in the latest Sorted campaign, has learnt some hard lessons about using credit cards. She hopes that her Sorted journey will help others understand what they are getting into.

“I was naive and easily sucked in. It seemed like everyone had a credit card so I thought it was a pretty normal thing to do,” said Raeanna.

After going on, Raeanna’s focus is now on paying off her credit card debts as quickly as possible to minimise the amount of interest.

“Some people pay off their card each month and avoid paying interest at all, but if like me, you don’t pay it all off monthly, the accumulating debt can become overwhelming.

“I was shocked when I used the credit card calculator on Sorted and discovered that if I continued paying my debt at the current rate, the interest I’ll have paid will be nearly the same amount as the original debt.

“I think fewer people would get into debt with their credit cards if they did the math beforehand. If you defer the purchase until you have done the credit card calculations on Sorted, you might decide to save for the goods or even go without,” said Raeanna.

Retirement Commissioner Diana Crossan says that’s where the other tools on Sorted can help.

“If you have set your financial goals, and are using a budget you will know if the purchase is part of the plan or a spur of the moment desire. It’s not about denying yourself something – it’s about making good spending decisions which won’t derail your plans for a more secure financial future.

“We know that the recession is hitting many New Zealanders quite hard and that the temptation to cope by borrowing is very real. But debt can have long term implications - if it adds up it can limit your choices.

“If you do use a credit card follow the tips on,” said Diana Crossan.

Raeanna used the Sorted Credit card calculator:



© Scoop Media

Business Headlines | Sci-Tech Headlines


CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>

PriceSpy: Research Reveals How Shopping Behaviours Have Changed This Christmas

According to a new survey* from PriceSpy , almost 50 per cent of Kiwis are looking to shop locally this Christmas in light of Covid-19; The research also found consumers are changing their shopping habits, with one in seven (14 per cent) getting super-organised ... More>>