AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.thechronicle.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
