Graeme Holm is a co-founder of Infinity Group Australia Pyt Ltd. Having worked in the financial industry for a number of years he could see that mortgage companies were being very unfair to consumers. People live paycheck to paycheck only able to barely make their mortgage payment every month while these companies make huge profits. He decided to create a business which would help people pay down their mortgages quickly and free themselves of the monthly mortgage payment while saving a lot of money on interest.
Graeme Holm and Rebecca Walker are the founders and directors of this company. While he spent his time in the financial industry Rebecca was a personal trainer. She says that her background really helps because she is used to helping individual clients achieve their goals, only financial ones now instead of fitness ones. Infinity Group has a large number of individuals now working for it who partner with clients as their financial coaches, helping them manage their money and reduce their levels of debt.
The team at this company says that people really ought to use cash to pay for things which really helps them stay out of debt. Graeme Holm says that he and his team help people create a cash-only budget and then stick to it. This budget covers things such as gas, groceries, entertainment, clothes, and other expenses. He says that every dollar ought to have a purpose and he and his team help clients differentiate between the things they need to have versus the things they would just really like to have.
He points to studies which show that about 30% of Australian households owe way too much debt given their incomes. He points to credit cards as the biggest reason for this saying that it makes spending just too easy and thoughtless. He says that most Australian families spend whatever money they have access to and so credit lines on credit cards are really the biggest enemies to the budgets of Australian families.
As credit cards really are a huge problem for so many Australian families Graeme Holm says that the solution is forgoing their use and instead sticking to cash. You can’t overextend yourself when just using cash as once it is gone it’s gone. Just sticking to cash reigns in the frivolous spending and helps people buy what they really need instead of a bunch of stuff that just drives them further into debt.