'Compare credit cards to reduce interest rates'

Aussies hoping to reduce the interest they pay on their plastic might want to consider going online to compare credit cards.

This is the advice of YourMortgage, which explained that there are sometimes promotional balance transfer rates offered by providers.

This can help people to reduce the amount spent on interest and could enable Australians to pay off their debts faster.

Individuals struggling to avoid maxing out their plastic might also want to consider changing to a lower limit to reduce the amount they are capable of spending.

Another method of ensuring that repayments are as low as possible is to opt for cards with low-interest rates, rather than to select one with rewards or loyalty schemes attached to them.

Earlier this week, figures published by the Reserve Bank of Australia suggested that families throughout the country seem to be taking steps to consolidate their debt and save money, the AAP reported.

Have a question about credit cards? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800476448-ADNFCR