Aussies 'should look to consolidate credit cards'

Friday 17 April 2009

Article by Mozo

Aussies have been urged to take steps to get their money management under control.

In a Penrith City Star article, Bernard Fehon – of Tactical Solutions – states that repaying debt – whether accrued on credit cards, personal loans or otherwise, should be people’s first priority.

Those looking got get on a firm fiscal footing should look to ensure that debts with the highest rate of interest attached to them are paid off first.

He also points out that those with several credit cards should look to consolidate them into a single product.

And in switching to a low-rate credit card, not only will people find it easier to keep an eye on their expenditure, they should also be able to reduce the amount they have to pay out in fees and charges.

Switching to a more competitive bank account was also advised.

Taking steps to tackle credit card debt could be advised after research from the Reserve Bank of Australia revealed $17.1 billion was spent on cards in February, up from the $16.6 billion noted in January.

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