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For example, if you spend $500 each and every month servicing debt (which is a conservative estimate based on the rising level of consumer debt in Australia), you may find it extremely difficult to save money. The sooner you are able to begin investing and putting that $500 to better use, the more secure your future financial situation will be. Debt affects your credit rating and your future ability to obtain credit Mismanaging your debts, failing to make scheduled repayments or making late payments on a regular basis can have a significant impact on your future ability to obtain credit. If you do not service your debts responsibly, your bank or financial institution can contact a credit reporting agency and request that your failure to make a repayment be noted on your credit report. Having an impaired credit report means that other lenders may be more reluctant to give you credit. An impaired credit report will affect all your future credit applications. Each time you apply for credit, such as a mortgage, a car loan, a credit card or an overdraft, your credit history will be checked and you may be refused because you are deemed a credit risk. A credit default can remain on your credit report for 5 years, while a serious credit infringement can remain on your credit report for 7 years. If you have a seriously impaired credit report, you will probably have difficulty purchasing a home or moving into a rental property. Lenders and credit providers in Australia rely on your credit report to determine whether you are a credit risk. If you have had difficulty repaying debts in the past, lenders will be far more cautious and may refuse your application for credit. It is extremely important to manage your debts responsibly and tackle problems at an early stage before they get out of hand. Debt can have a way of building up if left unchecked.

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