Need to know
- CHOICE is calling on banks to cap interest rates at 10% to stop the spread of long-term credit card debt
- High-interest cards can have you paying back nearly ten times more in interest than low-rate cards over the long term
- We identify the ten nastiest credit cards in Australia
There’s a reason CHOICE is calling for credit card rates to be capped at 10% instead of allowing banks to run rampant and charge twice that or more.
Long-term credit card debt is a financially crippling reality for many Australians, and steep interest rates do massive damage over time.
For many people, it takes years to crawl out from under the high-interest debt.
$2625 vs $18,078 in interest
Case in point: if you had a $5000 credit card debt wi…
Read the full article at: https://www.choice.com.au/money/credit-cards-and-loans/credit-cards/articles/credit-card-interest-rates-the-ten-worst-cards
