The Need for Financial Guidance for Entrepreneurs

Lack of capital funding is one of the most significant issues faced by many entrepreneurs. While an entrepreneur may have a great idea and be incredibly passionate, the absence of operating cash means that a business will struggle to remain viable.

It is also a difficult situation when entrepreneurs who have already experienced success choose to devote all of their personal net wealth into their business. In this situation, personal finances are very likely to suffer.

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Minimal Interest Rate Cuts Drive People to Pay Off Credit Cards Faster

In the wake of banks choosing to only pass on a fraction of the interest rate cuts made by the Reserve Bank, credit card customers are rushing to pay off their credit card debts. People with car loans and personal loans are behaving in a similar way too

Figures recently released by the Reserve Bank show that in the 2013 year to March, the average credit card debt was $3256.70. This marks an average reduction of 2.4%

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Seven rules to build financial success

According to Nathan Bell, research director at Intelligent Investor Share Advisor, financial independence brings peace of mind and that while many Australians have put off retirement due to years of poor investment returns there are ways to achieve financial success and weather the impact of tax, the threat of recession and inflation.

Bell advises a cautious approach to debt especially borrowing for products such as margin loans and where possible to avoid personal loans and big credit card balances.

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How To Choose Between A Personal Loan Or Credit Card

According to the Australian Prudential and Regulation Authority (APRA), Australians owed $58.6 billion in personal loans and $40.8 billion was outstanding on credit cards for the year ending December 2012.

In choosing whether to borrow on a credit card or take out a personal loan both options should be carefully considered in relation to interest rates, repayment options, penalties, fees and charges, according to RateCity spokeswoman Michelle Hutchison.

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The best method of reducing debt

Many Australians are looking to reduce personal debt and save more but are seemingly unsure how best to consolidate their debts to achieve this.

According to Wayne Matters, a financial officer with CPS credit union the decision on whether to use a personal loan or the option of the zero interest balance transfer available on certain credit cards on offer as a means to consolidate debt depends on how much a person owes, and how soon they are looking to pay it off.

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Australians Are Paying Down Credit Card Debt

It seems that Australian consumers are becoming increasingly pessimistic about debt with the latest survey from Dun & Bradstreet showing that household debt expectations dropped as low as 18 per cent during the March quarter from 26 per cent. These findings support a Newspoll survey which sampled 1200 people and revealed that Australians are becoming increasingly concerned about paying down debt reducing discretionary spending and generally adopting a conservative monetary approach to spending and personal debt.

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