But people should be wary of credit card reward programmes.Young people might like to search for low-rate deals on credit cards, one industry expert has suggested.

William Buck senior adviser Janine Williamson stated people need to be aware about reward programs involving these products, News Limited Newspapers reports.

He added: "If you are not using the credit card enough, the cost of the program and higher interest rate are unlikely to be offset by any rewards."

What's more, she also advised those who borrow money in order to invest it to ensure they keep loans for different purposes separate because otherwise things can get confusing.

Ms Williamson said: "Combining a personal loan and a share portfolio loan can become a mess for you and your accountant at tax time."

In addition, those with arrears might like to start budgeting if they do not already because this can help make managing debts a lot easier, according to Club Financial Services general manager Andrew Clouston.

And doing so might also help improve a person's credit rating, which could be useful for when they come to take out a home loan for a mortgage.

But those who are in financial difficulty due to taking out more than one loan or credit card might like to consolidate their debt into one form of borrowing, or a mortgage, Mr Clouston advised.

He pointed out the other credit services must be cancelled in order for this way to work.

Furthermore, people in their twenties might like to get themselves financially prepared for the future by setting goals for the next five years or less.

Mr Clouston noted this could take a wedding, car or honeymoon into account.

This comes after Mitchell Watson, a financial analyst at research group Canstar Cannex, recommended clearing credit card debt regularly in order for people to avoid putting themselves into debt, Northern Territory News reports.

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