The Debtfix blog

There’s something mothers and fathers need to share with their daughters. Learn about money.

That’s everything about money – from interest rates to credit scores.

In New Zealand, it was little more than a generation ago that single women were unable to get a mortgage to buy a home without sign-off from a male family member.

‘Tis the season for temptation – to blow out the credit card, to overindulge and to live like there is no tomorrow.

Fair enough, everyone deserves some Christmas spirit so Debtfix has put together some joy giving ideas that will inspire your festivities without crashing your credit score. Christmas can be difficult for many reasons, but this Covid-Christmas will be tough for many more whānau and we hope people will bravely consider alternatives to a big spend up.

Years of working in financial services presented an opportunity for our new Navigator to change course and set her sail into fair winds.

Bev Giles left her 25-year banking career a few years ago with the vision of guiding people to achieve their life, career and business goals. For three days a week, she brings an extensive knowledge of mortgages, personal loans, overdrafts, business loans, debt consolidation loans, and interest rates and fees to the Debtfix crew.

It’s official – the Debtfix Navigators are making a difference to the well-being of New Zealanders.

Recently, we surveyed people Debtfix has had some contact with – either big or small – and asked how things are going.

Significantly, when respondents first contacted Debtfix more than 43 per cent indicated their overall well-being was bad and now, only 16.3 per cent of respondents feel the same way.

When you have a tsunami of debt with multiple creditors it can be difficult to know where to start and which debt you should pay off first.

The core principle is to pay off debt that costs the most, often it has the highest interest rate but sometimes the answer isn’t so black or white.

When the piggy bank is empty and it feels like everyone around you is living the dream – it can feel impossible to say “no” when family and friends invite you to do something you can’t afford.

The Debtfix crew is shouting out to everyone in this crazy year and asking people to avoid putting unnecessary pressure on others to spend money they don’t have.

Right now, it feels a lot like the only holiday on the itinerary in Aotearoa is a mortgage holiday.

However, before you book into hotel deferred payment, such a lovely place you may never leave – is there an alternative destination that could be more rewarding in the long-term.

The first principle of dealing with debt is to pay it off as quickly as possible, while still achieving a lifestyle that works for you and your family.

When there is a forceful knock at the door and your first reaction is to hide behind the couch – you probably know someone, somewhere wants that money you owe them.

The repo man has some legal rights if people miss payments on that monster-size TV screen but the person watching it also is protected by New Zealand’s repossession rules.