Debt stressed Aussies 'need to compare credit cards'

Those looking to get on a firm financial footing are urged to compare credit cards.

Writing in Lifehacker’s weekly Loaded column, Angus Kidman points out that by searching around for a more competitive deal Aussies should be able to find that they can obtain a credit card that comes with a lower rate of interest or provides other benefits.

For those struggling under the weight of credit card debt, Mr Kidman advises people to do all they can to ensure they are not a victim of credit card fraud so that they are not "saddled with debt that isn’t yours".

However, while Aussies may consider getting rid of all their credit cards as an ideal way to sort of their finances, keeping hold of one low rate credit card could be advisable as he states that plastic can prove to be of assistance while travelling.

Meanwhile, Chris Browne, director of Financial Design for Life, recently stated that those on high rate credit cards should use the money received from the government’s bail-out packaged to clear off their debts.

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