Aussies know credit card fees but still pay late

Monday 06 July 2009

Article by Mozo

Although Aussies have taken the time to compare credit cards and are well aware of the the payment charges, many are still being stung by late fees.

Such are the findings of a new poll carried out by news.com.au, which reveals that the majority of people have researched credit card fees and are aware of the exact amount of the penalty.

However, a quarter of respondents conceded that they had been stung for failing to make payments on time or paying off less than their lender requires.

Speaking to the news provider, entrepreneur and author Tony Melvin said that failing to dodge payment charges is one of the fastest routes to debt difficulty.

"Money management is more of a time game than anything else. To avoid debt, you need to make sure you set aside money for the present and the future," he advised.

Earlier this month, the Reserve Bank revealed that credit cards and debit cards are making some ground on cash as Australia’s preferred payment option, although cash still accounts for 70 per cent of all purchases.

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