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Managing your finances

We understand how easy it is for debt to creep up on you. If you’re finding it hard to manage your credit card repayments, there are a few things you can do before the problem becomes overwhelming:

Make your minimum repayments

Most of our customers pay their balance in full each month.  If you do not pay your balance in full then you will incur interest on the outstanding balance.  We recommend you pay more than the minimum monthly repayment to get on top of paying back your balance and minimising interest. You should always try to pay at least the minimum amount each month. 

The minimum amount is usually either $25 or 2% of the closing balance, whichever is greater. If your closing balance is less than $25, you pay the whole of the closing balance. If you don't make the minimum repayment by the due date, you may be charged a late payment fee of $25. 

Use our repayments calculator to see how long it will take you to pay off your balance depending on how much you pay off each month.

Work out a budget

Creating a budget can help you work out where your money is going each week and show you where you may be able to cut back on your spending. The Commonwealth Bank’s Budget Planner can help you work out where your money is coming from and where it’s going.

If it all gets too much

If you fall behind with your payments, the first step is to stop using your credit card. If there is an additional cardholder such as your partner or child, make sure they also stop using it.

Contact your nearest Commonwealth Bank branch, or ring 13 14 31 from 8am to 8pm, 7 days a week. We may be able to help in times of financial difficulty and will consider a full range of options for dealing with your situation. We can help you manage your debt and create a payment plan.

There are free financial counselling services in every state, which can advise you on the best ways to manage your debts. Visit the Australian Financial Counselling and Credit Reform Association to find your nearest counsellor.

You can also visit the Australian Government’s Understanding Money website for a range of tools and tips to help you plan your finances.