According to recent market data, young Australians are getting themselves into severe levels of personal debt. Australian financial information providers, Dun & Bradstreet, put it down to inflating interest rates, rising fuel costs, rising rents, HECS fees and greater availability and reliance of credit. Add to the mix, a youth mindset which says “buy now, pay it off later” in a culture increasingly addicted to instant gratification and we find ourselves with a huge problem.

The recent debt study found that:
1. NSW and Victoria had the most debt referred for collection.
2. Areas outside the CBD’s had the most debt stress.
3. Young Aussie men have more debt stress than women.
4. Over 60% of consumers are defaulting on small amounts (less than $400)

8 General Tips You Need to Consider
So if you are suffering personal debt stress and wanna be grow up to be debt free, here are our 8 general tips you need to consider:
1) Change the way you think about money. Learn how to organise your money life. Be wise and frugal with your dollars.
2) Gain some perspective into your money situation. Pen and paper time! Jot down what you’ve got in each bank account and credit card, incoming money and upcoming repayments for loans etc.
3) Develop the habit of saving for things before you buy them.
4) Organise your pay so that a certain amount gets automatically siphoned to a bank account earmarked exclusively for paying bills.
5) This is a no-brainer. Before taking the plunge on purchases ask yourself, “Do I really need this?”
6) Get yourself onto the best and most suitable credit card. If you struggle to clear your balance each month, change to a low interest credit card for lower repayments. Or for extra breathing space (of up to 6 months) don’t be afraid to transfer your existing credit card debt to a balance transfer credit card. Use the time to get your spending whipped into line.
7) Get a headstart. Pay off credit card debt as you spend it instead waiting for your statement.
8 ) Use a free credit card debt calculator to see how much its gonna cost you to pay off your credit card. Use tools like these to set goals for breaking free of debts.

Credit Card Compare ( http://www.creditcardcompare.com.au ) has officially launched its new credit advice Web site for Australian consumers. The Web site features credit card reviews and a blog titled “The Credit Letter” that provides credit and personal finance advice and covers important news relevant for Aussies. Credit cards offered through Credit Card Compare are sorted by type, including Low Interest, rewards, and debit cards. Cards are also sorted by issuer, such as ANZ, Aussie, Macquarie Bank or St George to name but a few.

Credit Card Compare executive David Boyd is leading the development of the web site and says, “More and more Aussie consumers have questions about credit cards and many of them are also looking for a credit card comparison site - we combine both these needs in one easy-to-use place. Credit Card Compare and our blog “The Credit Letter” is hoping to fill this niche in the Australian market”.

Credit cards have become a major part of everyday Australian spending habits. Australia’s total balance of credit and charge card debt currently sits around the $42.7 billion mark. Aussies rely quite heavily on the plastic, with a total value of over $18 billion in credit card transactions in any single month. The average credit card debt is over $3000 per Australian household. Australians use around a total of $1 billion in credit card cash advances per month.

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