Be aware of the interest being paid out on borrowing products, according to one industry expert.

There is an array of ways people can control their credit card debt before it spirals out of control.

This is according to a piece on, which pointed out people should be aware of the interest rate level they are paying on various products, such as credit cards and personal loans.

And while a lot of individuals believe it is a good idea to pay off more of a mortgage first of all, this is not necessarily the case according to Oracle Lending Solutions director Angelo Benedetti.

He stated: "Increase repayments on the highest interest debt. This is normally credit cards or a personal loan."

What's more, Mr Benedetti advised those with equity in their property might be able to refinance and put all of their debt into one "easy-to-manage loan".

But he maintained it is important that this restructured debt is paid off as soon as possible, adding: "The whole idea is to simplify your finances and reduce debt quickly."

In addition, Mr Benedetti recommended customers should think about looking for other options instead of just considering banks and Aussie credit unions because this will ensure costs are kept down, which could be welcome news to someone who is in heavy debt.

One way of saving money could be on a home loan. And those who are looking for a new deal should simply pick up the phone and see what their provider can do, Choice spokesperson Ingrid Just advised last month, the news publication reported.

Financial organisations were under pressure following a 0.25 per cent interest rate rise - taking the official level to 4.75 per cent - from the Reserve Bank of Australia (RBA) in November.

The RBA maintained the rate for December, but another increase in the near future could see banks under pressure again.

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