Tasmanians urged to take steps to repay credit cards

Friday 03 April 2009

Article by Mozo

Those living in Tasmania are taking a more positive view of their finances.

In figures released by MyState Financial the headline score on the Tasmanian Economic Index has risen from 52.3 in the final quarter of 2008 to stand at 54.7 for the first quarter of 2009.

And in particular it appears those living in this part of the country are more confident about getting to grips with their borrowing, as the index tracking people’s optimism with regards to repaying debts has surged from 50.5 to 56.3.

Chris Brooks, chief executive of MyState Financial, claims that although this particular increase has been driven due to the series of base rate cuts by the Reserve Bank, the fact that rates will eventually increase is seeing the firm call for "all Tasmanians to identify opportunities to reduce their debt levels".

In particular he suggests people look to repay their credit card, although switching from high-interest products to cheap credit cards could be an effective means of getting to grips with such a financial commitment.

Meanwhile, a recent Herald Sun article pointed to claims by numerous economists that the Reserve Bank will not action any further cuts until May at the very earliest.

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