Aussies are wary about amassing credit card debt

Monday 16 April 2012

Article by Mozo

It seems that Aussies have never been shy when it comes to using their credit cards to pay for goods.

Recent figures released by the government showed that the nation's collective credit card debt stood at $36 billion.

This caused the authorities to urge Aussies to be more cautious with their spending and it appears the penny has finally dropped.

Speaking to National Features, Commsec's chief economist Craig James said people are now making more effort to slash their arrears.

He noted that the average credit card balance stands at $3,262, which is the slowest rise for two years.

There are a number of steps people can take if they want to make their credit card debts more manageable.

It may seem obvious, but it is vital that you pay off the cards that carry the highest interest first and it is also wise to get into the habit of using debit cards instead, as this makes it easier for people to stick to a budget.

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Aussies are wary about amassing credit card debt

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