Episode 23 ⋅ 5th October 2021

How Much Of A Burden Is Debt?

There are lots of kinds of debt – some good and some not so good. Good debt, like a mortgage, can help you grow your wealth over time, whereas bad debt like personal loans and credit cards can detract from it. But how much of a burden is debt on our mental, physical and financial wellbeing?


Did you know that 17% of Kiwis say their credit card bill is their leading cause of financial stress. Gah! In this episode we tackle head-on some of our most stressful debts – personal loans, credit cards, buy now pay later, student loans and home loans. Plus all the details on how to tackle these debts if they're causing you financial stress. Trust us, we've been there. 

Money and society is fraught with danger and social faux pas, but we think there is a time and a place for such discussions.

What's in the episode?

In this episode, Cat and Christine dive into varying types of debt, how they interact with one another (i.e. student loan and buying a house) and more. 

Specifically, we cover:

  • The current state of NZ's consumer debt and whether we should be worried about it
  • Why Buy Now Pay Later schemes (we're looking at you, Afterpay) need to get in the bin
  • When student loans are an interest-free cruise versus when they can affect our financial situation 
  • How your student loan impacts your ability to buy a first home 
  • Deciding whether to pay more off a home loan or invest/save the money instead 
  • The magic of balance transfers to assist with credit card debt repayments 
  • How to help with unnecessary spending and break the getting-into-debt cycle
  • Credit card repayment strategies
  • The trouble with car finance
…And there's lots more goodness in there, so get listening now. 

Great resources mentioned on the podcast are: 

  1. IRD Calculator – timeline to paying off student loan debt
  2. IRD information – paying off a student loan while overseas
  3. Askable – paid surveys to generate additional income

Featuring on today's podcast are your hosts, Cat and Christine.

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