AUSTRALIANS are getting better at flexing their frugality with credit card debt plummeting to a 10-year low.
Reserve Bank of Australia data revealed while there was still a hefty $51.4 billion owing on credit, Australian credit card balances accruing interest have dropped to $31.4billion – the lowest level since August 2008. According to the ABS, there are more than 70% of households that have some type of debt.
Despite the flicker of optimism, debt is still debt and Savvy CEO Bill Tsouvalas said getting your finances sorted to ensure you were paying them off in the most efficient way was vital, with consolidation the first step.
“Debt consolidation works for people who are looking for ways to reduce the interest rate…
Read the full article at: https://www.northernstar.com.au/news/how-ditch-your-debt/3360870/
