Woolies: bonus went on credit card debt

Mozo

Friday 27 February 2009

Most Aussies used prime minister Kevin Rudd’s cash Christmas present to pay off debts on their credit cards and home loans, Woolworth’s chief executive has claimed.

Speaking to ABC, Michael Luscombe said that despite the fact that many people took the opportunity to clear credit card debts and put their home loan payments on the right path, there were still many Aussies who were in a position to splash the cash.

“There is no doubt that with lower petrol prices, low <a href=”//mozo.com.au/“>interest rates, the fiscal stimulus, that household disposable income is still there,” he told ABC’s the World Today.

He added that he reckons that Mr Rudd has got the timing right on this stimulus too, with Woolworths hoping for stronger sales over the coming months.

However, the station’s money expert Peter Ryan said that many Aussies are likely to prioritise paying off their credit card and getting ahead on home loan payments over buying a new plasma TV or splashing out on home improvements.

All Australians are entitled to their share of the cash stimulus – providing they get their tax returns in on time.

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