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Debt has a nasty habit of growing – especially when you’re trying to pay off many loans for a number of different purchases at the same time.

The lending specialists at Easy Street see people with credit card debt left over from Christmas PLUS a car loan AND a personal loan from a holiday.

Some feel they don’t have control over their debts and they want to pay them off. No wonder they have sleepless nights.

Refinancing any existing loans or rolling several debts into one loan with a lower interest rate can be a valuable way to take back control and help continue to pay debts off  – or even start a savings plan.

Here, courtesy of Easy Street – part of the largest community based credit union in Sydney –  are four top tips to help you get on top of your debts:

Pay off your most expensive debt first
By expensive, we mean the loan with the highest interest rate. For most people, this will be their credit card due to some cards having interest rates of 15%p.a. or higher.  However, it can be worth prioritising a smaller debt if you’ll gain a lot of psychological satisfaction from paying off that debt first.

Combine your debts into one low rate personal loan
By doing this, you will only have one loan repayment to manage and you will hopefully reduce the amount of interest you would be paying, allowing you to pay off more of the loan sooner.  You will need to be smart with your money and avoid the temptation of spending the money saved. Plus, once the single loan repayment is under way, you need to ensure you don’t incur new debts, falling back into a similar position as before.

Easy Street offers a competitive personal loan with a comparison rate of 10.27%p.a.* There’s no security required, $0 monthly fees, $0 redraw fees, and you can make extra repayments without penalty.

Don’t keep adding to your debt
If you decide to consolidate your debt into a personal loan, close off those loans that you have consolidated once and for all. If you don’t, you may be tempted to put new debt on to your credit cards again.

Start today
The sooner the better! The faster you are able to get the control back, the sooner you’ll begin to pay down your debts and reduce the overall amount that you owe, which is good for your savings account, your credit report and for your peace of mind.

If you’re looking for a better value loan or credit card to help you get your debts under control, why not talk to Easy Street today. 

Credit eligibility criteria, terms & conditions, fees & charges apply. Terms and conditions, fees and charges apply – details available on application. *Rates are current as at 20/06/16 and are subject to change without notice. *Comparison rate is calculated on an unsecured loan amount of $30,000 over 5 years. WARNING: 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.

This information is general advice only and does not take into account your objectives, financial situation or needs (your “personal circumstances”). Please consider if this information is right for you before making a decision to acquire any product. Easy Street Financial Services is a division of Community First Credit Union Limited ABN 80 087 649 938 | AFSL and Australian credit licence 231204.