Most Aussies with credit cards 'intend to reduce their debt'

Thursday 07 April 2011

Article by Mozo

The majority of Australians with credit cards intend to reduce the amount they owe on their plastic, a recent study has shown.

Most Aussies with credit cards 'intend to reduce their debt'

According to the annual Australian Debt Study conducted by Veda Advantage, six out of ten people hope to cut down the amount they owe within the next six months, reports the AAP.

People hoping to minimise their repayments might find that going online to compare credit cards enables them to find a card with lower interest rates.

The survey also found that 15 per cent of Aussies will make a one-off large purchase using their credit cards.

One in ten of the respondents revealed that they would use their plastic to pay for their holiday this year.

This comes after Ross Gittins noted in an article published by the Age that Australians are showing greater restraint in their credit card usage, with the average debt only increasing by one per cent in the year leading up to February 2011.

This article is brought to you by Mozo – Helping you compare credit cards. ADNFCR-1761-ID-800492068-ADNFCR

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