Nine prod­ucts to live with­out

Auckland City Harbour News - - FRONT PAGE - ROB STOCK

There are some fi­nan­cial prod­ucts you should live with­out.

All are a drain on your fi­nances, and some are down­right toxic to your long-term wealth.

There’s been an ex­plo­sion in du­bi­ous and poor value fi­nan­cial ser­vices, es­pe­cially loans and in­sur­ance.

If you have any of these fi­nan­cial prod­ucts it is ev­i­dence you need to take a long, hard look at your money life, and con­sider do­ing things dif­fer­ently.

OVERDRAFT: An overdraft is fine for small busi­nesses, but for or­di­nary peo­ple, it is some­thing you should grow out of us­ing quickly af­ter join­ing the work­force. Money spent main­tain­ing an overdraft is bet­ter saved, to make you richer. If you lurch into overdraft month af­ter month, start bud­get­ing.

CREDIT CARD COVER:

Peo­ple who carry debt on credit cards worry how they would re­pay it if they were made re­dun­dant, got in­jured, died or fell sick. So they pay the bank for loan

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