Your Credit Card – Know It Like It’s Your Best Friend
The use of credit cards in Australia is escalating possibly on the back of a good economy breeding confidence although do people know how to service this debt and how much it could be costing?
Australians owe $32 billion in credit card debt, according to Reserve Bank figures, and some experts predict this will balloon to almost $50 billion by 2009.
Thats a staggering figure and as it would it appear it’s definately on the rise with Baycorp Advantage, a credit information provider, saying that credit card applications were up 11 per cent on last year with 875,000 applications for credit cards in October, November and December.
This is the concern, only seven years ago, the fees incurred on cards was $136 million but they have now soared to a staggering $787 million. This is partly due to an increase in the charge for late payment from $20 to $29.
Analysts it would take five years of minimum repayments to pay off the $2399 shown by the Reserve Bank to be the average credit card debt in December. The average credit limit rose to $6754.
This probably doesn’t apply...
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