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Date Published : Monday, January 14, 2008
With the Christmas shopping season still hurting the bank balances of many Australians, consumers may be looking to save money whenever they can.
By saving $10,000, consumers are able to sort out their debt problems and have a much healthier financial outlook for the year ahead.
According to the Sydney Morning Herald, many Australians can cut at least $1,000 from their outgoings by limiting luxuries bought at supermarkets or items of clothing bought at the mall. By reducing the outgoings bit by bit, the pain of the debt built up over Christmas could start to go away.
A Citibank spokesperson told the publication: "The end-of-aisle racks in supermarkets often given the impression of offering bargains. This is not always the case. The cheapest goods are often found on the top or bottom shelves."
Consumers, according to the article, can also save as much as $500 by changing electricity supplier and up to $10,000 by switching their mortgage to a new provider.
Harry Senlitonga, of Cannex, said: "We found consumers can save over $1,300 a year by using a package of mortgage, transaction account and credit card, compared with stand-alone products within the same institution."
Debt consolidation loans can also be used, as part of an effort to limit monthly outgoings. However, the most important thing to remember if you are taking out a debt consolidation loan is to continue to pay as much as possible each month off the balance of the loan.
By using one method, or a combination of ways, the Christmas debt blues can be shaken off so you can enjoy the summer sun.
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