Business Loans Australia :: Articles

How to freeze the Plastic Debt Dragon in Your Wallet

How can I stop my credit card debt from growing and start building wealth?

How to freeze the Plastic Debt Dragon in Your Wallet

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Are you scared to open your wallet knowing there is a fire snorting dragon lurking in there? You don't need to be afraid of your credit card, you can make it your friend. Here is a plan to choke the dragon and replace it with a friendly furry critter so you can start creating wealth in your life.

Credit Card debt. Freeze the fire breathing dragon in your wallet and start living.

Are your credit cards growing and multiplying like rabbits in your wallet?  Whilst they may grow like rabbits they breathe fire and bite like a dragon.

Credit card debt growing? One card becomes two, two become three and three become four.

First you had a card with $3000 debt limit and now you have $30,000 debt limit and you are asking what happened?

Crazy thing apart from the first one which you thought you needed, I bet you never asked for another one, they were given to you!

Steps to stop this madness.

Debt Stressed?
Image for Debt Stressed?If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!

The best way to start slaying the dragon is to look at what you are spending in a day, a week and a month.

We can spend thousands a month and not see anything for it  and worst still you don't even see yourself doing it. I once asked a person why they did what they did, the response flawed me:

"I don't know I just do what I do. It's like a habit"!

What I started to realize that this was me, this caused me to look at everything and ask: am I on auto pilot  in this situation?

  •  Do I need it or do I just think I need it?
  •  Am I being lazy or is there a better option?
  •  Is this good for me?
  • Is this just advertising I am reacting to?
  • Is this just peer pressure that I am doing this?

The answers shocked me!   

I can't tell you what an impact it had on me and my lifestyle. I looked at everything differently.

Stop now and quietly think why you are living the away you do?

Are credit cards helping you to live the way you want to live or are they just breathing fire onto and reinforcing a habit thats not very helpful and causing you pain?   

If you are honest to yourself you may well understand something very important about your day.

You are on auto-pilot for most of it and you automatically do things that you have stopped needing. You are only doing it because its a habit. Sit down and work out what you spend a week on this type of expenditure. It will amaze you.

Now put 75% of what your auto pilot expenditure into a wallet or purse and start paying cash for everything during the week..

And remind yourself daily:

  • When it s gone, its gone 
  • No more till next week. 

If you are not inclined to take on the dragon here is another way!

A simpler and quicker method is to consolidate your debt into a lower rate of interest loan.  Either personal loan or a mortgage.

What you are doing is taking the  dragons out of the purse and wallet and putting in a friendly little critter to replace them.The debt card. Consolidate the debt. Find a finance or mortgage broker who will help you through the process.

Published: Monday, 23rd Aug 2021
Author: 150


Business Loans Articles

Startup Loans vs. Business Lines of Credit: Which is Better for Your Company?
Startup Loans vs. Business Lines of Credit: Which is Better for Your Company?
Starting a new business is an exciting journey, but it often requires a significant amount of funding to get off the ground. Whether it's for purchasing equipment, hiring staff, or marketing your new venture, securing the right type of financing is crucial for success. - read more
The Ultimate Checklist for Applying for a Business Loan in Australia
The Ultimate Checklist for Applying for a Business Loan in Australia
Welcome to the world of boating! Whether you've just bought your first boat or are considering making a purchase, it's essential to understand the importance of regular maintenance. Proper upkeep not only extends the life of your boat but also ensures safety while out on the water. - read more
Customized Leasing Solutions: Finding the Right Terms for Your Business Needs
Customized Leasing Solutions: Finding the Right Terms for Your Business Needs
Equipment leasing presents a strategic financial opportunity for Australian businesses seeking to maximize operational efficiency without the hefty price tag of purchasing. As many companies strive to stay competitive and agile in a bustling economic landscape, the importance of flexible asset acquisition cannot be understated. - read more
Alternative Funding Options for Your Australian Business
Alternative Funding Options for Your Australian Business
When it comes to starting or expanding a business in Australia, securing funding is often a top priority. However, traditional funding options, such as bank loans or government grants, can be difficult to obtain for small businesses. - read more
Unlocking the Secrets to Flexible Business Financing in Australia
Unlocking the Secrets to Flexible Business Financing in Australia
For emerging businesses seeking to navigate the vibrant economic currents of Australia, grasping the startup lending landscape is essential. A myriad of financing options, each with its distinct advantages and caveats, awaits the ambitious entrepreneur. In this sea of possibilities, securing the right funding becomes more than a mere necessity—it represents a decisive factor in charting the course toward business success. - read more
Unlocking Cash Flow: How Equipment Leasing Can Benefit Your Australian Business
Unlocking Cash Flow: How Equipment Leasing Can Benefit Your Australian Business
In the ever-evolving landscape of Australian business, equipment leasing has emerged as a pivotal financial tool for companies across the spectrum. Whether you're a small start-up or a well-established corporation, the agility to pivot and adapt to market changes is critical. This introduction seeks to shed light on the concept of equipment leasing and its significance in bolstering the operational efficiency of Australian businesses. - read more
Drawing a Roadmap: Effective Planning for Business Loan Utilization in Australia
Drawing a Roadmap: Effective Planning for Business Loan Utilization in Australia
Effective planning is the backbone of any thriving business, and when it comes to leveraging financial products like business loans, this foresight becomes even more crucial. In the dynamic economic landscape of Australia, businesses are continually walking a tightrope, balancing investment, growth, and financial stability. The importance of prudent and strategic planning for business loan utilization cannot be overstated; it can mean the difference between a flourishing enterprise and one that struggles to keep its head above water. - read more

Finance News

ASX Adjusts Dividend Policy Following ASIC's $150 Million Capital Charge
ASX Adjusts Dividend Policy Following ASIC's $150 Million Capital Charge
16 Dec 2025: Paige Estritori
The Australian Securities Exchange (ASX) has announced a reduction in its dividend payout ratio to 75–85% of underlying net profit after tax. This decision follows the Australian Securities and Investments Commission's (ASIC) imposition of an additional A$150 million capital charge on the exchange operator. The regulatory action stems from an inquiry into ASX's operational shortcomings, including a failed software upgrade and recurring trade-processing issues. - read more
Hanwha's Investment in Austal Expands Amidst Regulatory Oversight
Hanwha's Investment in Austal Expands Amidst Regulatory Oversight
16 Dec 2025: Paige Estritori
The Australian government has approved South Korean conglomerate Hanwha's proposal to increase its shareholding in Australian shipbuilder Austal from 9.9% to 19.9%. This approval comes with stringent conditions concerning security and data access to safeguard Australia's strategic and national security interests. - read more
November Sees Softening in Australian Business Conditions Amidst Capacity Challenges
November Sees Softening in Australian Business Conditions Amidst Capacity Challenges
16 Dec 2025: Paige Estritori
In November, Australian business conditions experienced a decline, as reported by the National Australia Bank (NAB) survey. The business conditions index fell by 3 points to +7, indicating a softening in sales and profits after a period of strong performance. The business confidence index also dropped by 5 points to +1, suggesting a potential cooling in consumer demand following October's strength. - read more
RBA Holds Cash Rate at 3.60%, Forecasts Extended Stability
RBA Holds Cash Rate at 3.60%, Forecasts Extended Stability
08 Dec 2025: Paige Estritori
The Reserve Bank of Australia (RBA) has announced its decision to maintain the official cash rate at 3.60% during its December meeting, signaling a potential extended period of stability through 2026. This move reflects the central bank's response to higher-than-expected inflation and a robust economic environment. - read more
October Sees Significant Rise in Australian Household Spending
October Sees Significant Rise in Australian Household Spending
08 Dec 2025: Paige Estritori
In October 2025, Australian household spending experienced a notable increase of 1.3%, reaching A$78.4 billion. This marks the most substantial monthly rise in nearly two years, driven primarily by year-end sales events and heightened consumer confidence. - read more
Australia's Economy Achieves 2.1% Annual Growth in Q3 2025
Australia's Economy Achieves 2.1% Annual Growth in Q3 2025
08 Dec 2025: Paige Estritori
Australia's economy has demonstrated remarkable resilience, recording a 2.1% year-on-year growth in the third quarter of 2025. This marks the fastest annual expansion in two years, driven by robust business investments and consumer spending. - read more
APRA's New Cap on High DTI Home Loans: What It Means for Borrowers
APRA's New Cap on High DTI Home Loans: What It Means for Borrowers
30 Nov 2025: Paige Estritori
The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will implement a cap restricting banks from issuing more than 20% of new home loans to borrowers with debt-to-income (DTI) ratios of six times or higher. This measure applies to both owner-occupier and investor loans, excluding new housing developments. - read more

Need Help Finding a Loan?
Loan Amount:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.

All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Subprime Loan:
A type of loan offered to individuals with poor credit scores, typically at a higher interest rate.