Debt Rewind | Finance

Debt Rewind

Phone: 1300 09 10 11

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22.01.2022 We cannot urge the Australian public enough to be careful of their spending and to read the below and ask your providers to switch your credit card to a lower interest rate. "This situation, with lower incomes and increased use of cards is a perfect storm for millions of Australians to deepen the financial holes they were already in." Many Australians don't understand how a credit card works: The average credit card standard interest is 19.94 per cent," says Mr Fleming.... "A mountain of debt that's accruing interest at a rate of 19 per cent or more can be financially crippling. "If you're paying interest on a high rate card, call your provider and see if they can switch you to a lower rate. It could end up saving you thousands of dollars in the long term." For further help and assistance, call 1300 09 10 11 or email [email protected]

18.01.2022 A recent report has highlighted an overwhelming lack of understanding that is particularly concerning in the new Comprehensive Credit Reporting (CCR) environment, with 97% of the 1,000 Australians surveyed revealing they’re not aware of the impact missed credit card repayments have on their credit score. Nearly a fifth (22%) of the respondents indicated they did not realise credit card repayments could impact future credit applications. It is crucial now more than ever, tha...t Australians are aware of how their credit card repayment habits may affect their credit score. One missed credit card repayment may seem insignificant; however, it has great potential to impact applications for credit. Call Debt Rewind today to see how we cannot only educate your understanding towards your CCR but also how we may be able to help assist in clearing any negative rating. 1300 09 10 11 or email [email protected].

12.01.2022 For your 100% Free Personal Credit Report Health Check, call our friendly experienced team at Debt Rewind today on 1300 09 10 11 or visit www.debtrewind.com.au

06.01.2022 COVID-19 Credit Reporting Update:- It is currently standard practice for lenders to omit providing the loan repayment information to credit bureaus where there is a hardship arrangement in place. This means that any delayed payments are not visible to new lenders and are not included in the borrower’s credit score. If a customer does apply for and is approved for formal hardship or long-term arrangements, Bendigo and Adelaide Bank’s current approach is to suspend reporting repayment history information from being listed on the credit report while these arrangements are in place.

04.01.2022 Large amounts of household debt, falling house prices and unemployment rates mean an increasing number of Australians are falling behind on their mortgage. Credit ratings agency Moody's outlined the number of delinquencies people 30 days behind in repayments - on residential mortgage The report found 1.58 per cent of households were behind on their repayments, which was up from 1.48 per cent in the prior March quarter.... One thing keeping most of these families afloat right now and ahead of the pressure is the fact they have a job, he said. When someone suddenly turns up and says ‘I am having trouble with my mortgage right now’, what’s the banks attitude going to be? What they don’t want is people to say ‘you were actually irresponsible in the way you lend these people money and you shouldn’t have done this in the first place’, he said. All of a sudden, you have a repeat of the royal commission. For more information, call 1300 09 10 11 and let Debt Rewind’s friendly staff help.