Credit card sucking your savings dry? Save $2000 in 2 minutes.

Do you know your current credit card interest rate? If the answer is no you’re not alone. Most Australians swipe their credit card each day without the slightest idea of their interest rate or the toxic effect that a bad rate can have on your ability to get out of debt.

Despite a record low cash rate, credit card interest rates haven’t come down very far over the last 12 months so if you have had your card for a while there’s a high chance your interest rate is getting you nowhere fast.

According to a recent Household Financial Comfort report from ME Bank, 51% of households are struggling to make any savings at all with 11% spending more than they earn.

Based on Mozo calculations an average credit card holder prepared to take a few minutes to use the Switch & Save Calculator can save themselves $2000 over the next three years – a pretty straightforward way to cut costs without tightening your belt.

That’s $2000 less in fees, charges and interest based on switching from a typical credit card to the most competitive product Mozo can refer a consumer to. (Data collected on 6,800 switchers found the average outstanding balance of $4262, interest rate of 19.6% and annual fee of $36.50)

Mozo’s shiny new Switch & Save Calculator is completely free to use so there’s no excuse the be stuck with a dud. Find a cheaper card now.

Credit card sucking your savings dry? Save $2000 in 2 minutes. was last modified: June 29, 2015 by Kerry Lotzof

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