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Australians appeared to be increasingly wary of accumulating new credit card debt in the fourth quarter of 2011, new figures have suggested.
Read more...Aussies who use their credit cards to buy items online have been told to be wary of identity fraudsters.
Christine Christian of Dun & Bradstreet told News Limited that the growing use of ecommerce websites has increased the number of identity theft cases across Australia.
She suggested that criminals can use very basic information – such as details that are entered into social networking sites – to set up bank accounts and take out loans under the guise of an unsuspecting person.
Ms Christian added that Aussies should keep a close eye on their bank statements on a regular basis to ensure nothing untoward is happening.
"Unusual credit card or banking activity is usually the first sign of fraud, which is why it is vital to monitor all active accounts on a regular basis," she was quoted as saying.
The Bankwest Cash Report for January 2012 recently indicated that Aussies are becoming increasingly reliant on credit and debit cards, as the number of people using plastic to pay for goods grew by eight per cent between November 2010 and the same month last year.
Aussies are among the most sceptical people in the world when it comes to paying for online content, a new study has confirmed.
Read more...Aussies are increasingly using their credit cards to buy electrical gadgets via the internet, a new study has shown.
Read more...A growing number of Aussies are making significant cuts to their levels of credit card debt, with many concerned that an economic crisis is on the horizon.
According to new research conducted by Galaxy on behalf of ING Direct, more than half of Aussie credit card holders are paying off their balance in full each month, news.com.au reports.
The survey also indicated that 17 per cent of the population does not have a credit card at all, which is up from 11 per cent in the first quarter of 2011.
ING Direct spokesman David Breen told the news provider that people have finally realised that they need to owe less and save more.
"We're expecting this more prudent attitude to continue, we don't think it's a flash in the pan, we think it's a long term trend and it's a positive trend," he remarked.
Earlier this month, figures released by the Reserve Bank of Australia indicated that levels of credit card debt have reached record highs in Australia, with the total amount owed surpassing the $50 billion mark.
Bosses at consumer organisation Choice have urged credit card holders to pursue offers made by retailers who pledge to meet the low prices of rival stores.
Many shop owners advertise that they will match or beat any price that is found for goods elsewhere, but according to spokesman for the group Christopher Zinn, few Aussies actually take them up on the deal, News Limited reports.
He said that although people are reluctant to visit numerous shops looking for the cheapest rates, the internet is playing its part in helping Aussies reduce the amount they are shelling out on their credit cards.
In many cases, stores require proof that an item can be purchased for less elsewhere, which has made the internet even more invaluable to shoppers.
"People will print it [price] out and take it into a store and see if they can price match. And if they can't they'll get it online," he was reported as saying.
Last week, the Sunday Telegraph reported that more credit card users are successfully haggling over prices with retailers in Sydney, as shop owners continue to fight each other for trade.
A peak in online shopping in the build-up to Christmas has resulted in many more Aussies sitting on large amounts of credit card debt.
Figures have suggested that eight per cent of all credit and debit card transactions in the first 15 days of December were attributed to online retailers, news.com.au reports.
According to director at MyBudget Tammy May, there was an "unprecedented jump" in internet sales last month and many credit card holders will be paying the price for their lavish spending well into 2012.
She told the news provider that her firm has seen a sharp rise in the number of people seeking debt advice this month when compared with previous years.
"It's not just buying the Christmas presents; it's the food, the travel and all the extra things we do at Christmas that really impacts on our financial position for months afterwards," she commented.
Statistics published by the Reserve Bank of Australia recently indicated that levels of credit card debt across Australia have now surpassed the $50 billion mark for the first time ever.
The current high value of the dollar has been cited as a major factor behind a slight increase in the number of Aussies buying goods on their credit cards in January.
Read more...Shrewd Aussie credit card users are getting more bargains when they hit the high street, as an increasing number of retailers are willing to negotiate on the price of goods in order to boost flagging sales figures.
A study conducted by the Sunday Telegraph found that many renowned stores in Sydney were being flexible over their prices so that more money would reach the tills.
Retailers of a range of products, from shoes to flat screen TVs, were quite happy to haggle, the survey found.
Spokeswoman for industry watchdog Choice Ingrid Just told the news provider that Australia has never had a bartering culture, but the economic downturn has forced many traders to take drastic measures in order to survive.
"Try it with your car insurance and mortgage, because you'll be surprised at the discounts you can get," she advised.
Figures released by the Reserve Bank of Australia last week indicated that Aussies are still spending plenty of money, as levels of credit card debt have surpassed the $50 billion mark.
The amount of credit card debt racked up by Aussies has reached a record high of more than $50 billion, according to statistics released by the Reserve Bank of Australia today (January 12th).
Figures showed that this huge sum was surpassed in November 2011 and spending levels are expected to be even higher when the next batch of results are published, as the busy Christmas shopping period will be taken into account.
There are 15 million credit cards in circulation across the country, meaning the average debt on each piece of plastic is in the region of $3,333.
Vice-president of strategy and corporate affairs at MasterCard Australia David Masters told the Sydney Morning Herald that the huge overall debt is unsurprising.
"As the Australian economy has steadily grown over the past decade, it's logical that credit card balances have, to a degree, tagged along for the ride," he remarked.
The figure of $50 billion is significantly higher than calculations made by the Australian Prudential Regulation Authority, which believed debt levels to be at around $40.6 billion in November, News Limited reported.
Aussies have been urged to take action in order to stop their levels of credit card debt from spiralling out of control.
According to the Australian Prudential Regulation Authority, household credit card loans reached a record-high $40.6 billion in November, News Limited reports.
Executive director at Financial Counselling Australia Fiona Guthrie stated that this figure is likely to be even higher in the aftermath of the festive season.
She said it is extremely stressful to have credit card debt hanging over you and Aussies should do all they can to clear their arrears as much as possible.
"You might need to reassess your spending habits; you might need to look at whether there are ways to increase your income, selling assets," she was reported as saying.
Ms Guthrie also warned Aussies to be wary of "shortcuts" such as companies offering loan consolidation services.
A recent study by ING Direct showed that more than one-third of Aussies planned to address their financial problems by attempting to save more money in 2012.
Australians could see credit cards go the way of the humble cheque book if near field communication (NFC) takes off and more people start paying for goods and services with their phones.
Read more...Christmas shoppers who are planning to use their credit cards to purchase the bulk of their festive gifts will not benefit from the recent cut to interest rates.
According to data compiled by Mozo on behalf of the Daily Telegraph, only five out of 58 credit card providers have slashed their rates by the amount advised by the Reserve Bank of Australia earlier this week (December 6th).
This means that people will spend at least $30 million extra on their presents this year.
ANZ was the only major bank to cut its rates, while some plastic issuers, including the Macquarie Bank, actually raised the rates on some of their products.
Director of Mozo.com.au Kirsty Lamont told the news provider that it typically takes at least two months for Aussies to pay off the card debt they accrue at Christmas.
"The banks might have decided to play nice for home loan customers, but credit card customers are not seeing the same festive spirit when it comes to rate cuts," she commented.
Credit card customers have bolstered the Australian economy, lifting overall spending and increasing gross domestic product (GDP) by one per cent.
Read more...Christmas usually entails lavish spending, but 2011 may be an exception to this rule, as a new study has shown Aussies will be more frugal with how much they shell out on their credit cards.
Read more...Credit card users searching for cheap Christmas presents online have been urged to be careful.
Read more...Aussies who are looking to compare credit cards are continuing to search for packages that rely on cutting edge technology.
Read more...A growing number of Aussies are using their credit cards to snap up goods from online retailers, new figures have shown.
Read more...Aussies appear to be using their credit cards more frequently, according to new statistics released by the Commonwealth Bank (CBA).
Read more...Credit card customers in Australia saw the average limit on their plastic rise by 1.5 per cent over the last 12 months, new figures have revealed.
Read more...The latest Reserve Bank of Australia (RBA) interest rate reduction has boosted consumer confidence, which may result in more people opting to spend money on their credit cards.
Read more...An official from MasterCard has asserted that there are relatively few instances of credit card fraud in the country when one considers how many transactions take place.
Read more...A senior official at MasterCard has said Aussies using the firm's credit cards should be confident that they are at a low risk of losing money due to fraud in light of the company's zero liability policy.
Read more...Australians are expected to spend more than $4 billion using their debit and credit cards over the course of 2011, according to new figures.
Read more...Aussies should take the time to compare low rate credit cards to ensure they get the best deal because it can make a significant difference to the amount they have to pay back, an expert has stated.
Read more...Credit card customers may be concerned to learn that 2.6 million Australians have fallen victim to fraudsters, with Generation Y men the most at risk, a new survey has found.
Read more...With the use of credit cards declining as Aussies tighten their purse strings and take more care with their finances, the number of bankruptcies in the country has fallen to a five-year low.
Read more...Between July and August this year, there was a 0.6 per cent increase in personal finance commitments in the country, credit card customers may be interested to learn.
Read more...Earlier this week, the government passed the much-discussed carbon tax legislation, but the move has caused the Australian Retailers' Association (ARA) to express concern about the ramifications of the bill.
Read more...Aussies may be more inclined to purchase goods with their low rate credit cards this month compared with September, as the latest consumer sentiment report has shown an improvement in confidence.
Read more...
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