Credit card consumers need to be realistic about repaying debts

Those looking to get on top of their finances need a plan.

Such is the assertion of George Wright, a partner at HLB Mann Judd National Association, who claims that although consumers are presented with numerous opportunities to spend, the fact they only have so much money - whether this is from a salary, savings account income or other resources - means they "need to plan things out".

As such, those looking to get their finances under control were advised to have a specific goal in mind whether this saving for a car, home or getting debts under control.

Discipline may be particularly required for credit card borrowers, it was suggested.

"Credit is pretty easy to obtain and interest rates on credit cards haven't fallen anywhere near as much as other areas, so it's quite easy to rack up debt,'' he tells Adelaidenow.

However, Mr Wright claims that people often do not lend too much thought about their ability to repay such debts.

Such advice comes despite research carried out by Bankwest revealing that more than half of Aussies are yet to adjust their money management habits since the start of the economic downturn.

Written by Ashley King.