Aussies should use credit cards more responsibly, study shows

Credit cards can be a real lifesaver in emergency situations and are really handy to have.

If your car suddenly develops a fault or your washing machine malfunctions just before payday, it is good to have a credit card to fall back on.

However, a new study conducted by the University of Sydney has suggested that too many people are using their plastic irresponsibly.

Many Aussies have found themselves with a significant credit card debt because they have lost control of their spending.

The research indicated that more than one in two respondents feel that individuals need to take more responsibility over their financial situation.

Around 80 per cent also stated that companies should be more tightly regulated when advertising their products.

Professor Paul Henry believes that people need to be careful when taking out a credit card and comparing different packages could be the way forward.

"If customers make better decisions about choosing and using a credit card, they will have less negative experiences," he remarked.

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