Women find plastic less than fantastic
Many women’s love affair with credit cards is well and truly over, it has been declared.
According to the Daily Telegraph, many Australian women feel they are losing the battle against credit card repayments, with average debts amounting to $2500.
“They fall into the trap because it’s so easy. If you just keep paying your minimum it would take 30 years to pay off your credit card,” warned finance coach Mary King.
However, she did claim that overall, women are getting better at managing their finances than their male counterparts, although credit cards are proving particularly tricky for the fairer sex.
The paper noted that one particular problem is that women are sometimes using cheap credits to fund extended trips abroad and then winding up in difficulty when they get back to Australia.
Recent figures from the Reserve Bank have shown that overall credit card spending is continuing to soar, with some $19 billion worth of transactions made on plastic over the course of September.