Home loan debt is 'better than owing on credit cards'

It is better to owe money on your home loan than a credit card, one industry expert has declared.

Being in home loan debt is better than owing money on credit cards, according to one industry expert.

In a piece for the Sunshine Coast Daily, Maroochydore financial planner Michael Goodwin is quoted as saying that people should freeze their credit card if they are having issues, rather than cut it up.

But his most important advice in terms of saving money was to devise a budget and then stick to it.

He added: "If you all get together and buy in bulk items like groceries, there are savings to be made."

And another method which might save some cents is simply to enquire about a discount, such as by phoning various electricity providers and seeing how much money they will knock off just from asking.

Another tip for saving came from the Daily Telegraph's John Rolfe last month when he suggested taking out a low-rate Aussie credit card.

By Emma North