Credit card struggles revealed by Wesley Mission

Friday 08 May 2009

Article by Mozo

Sydney residents are struggling to keep on top of their finances, new research reveals, with credit cards proving to be a particular area of difficulty.

Research carried out by Wesley Mission reveals that a fifth of credit cardholders in the city claim they would be unable to clear their balance within a 12-month period.

However, such people may find that seeking out cheap credit cards can help them get to grips with their finances.

But consumers also have money problems beyond credit cards as one in three claim they would find it difficult to cope with a $160 rise in their monthly expenses.

Meanwhile, just over half of those questioned have failed to draw up a budget over the past 12 months.

"It is critical to know what is coming in and going out and what the overspend is," Reverend Keith Garner, superintendent at the Wesley Mission, states.

Such comments come as the Australian National Retailers Association revealed 23 per cent of Aussies plan on using money from the financial stimulus package to pay off their debts, while ten per cent are set to increase mortgage payments.

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