CONSUMERS who are considering switching to a balance transfer credit card are mired in debt four times larger than the average Australian balance of $3069.
Research by Finder.com.au has found that people researching balance transfer cards owe more than $12,000 on their existing credit cards. Its analysis of 9500 online searches also found they are paying an average 16.7 per cent interest on those cards.
Balance transfer credit cards typically offer zero interest for up to two years, giving borrowers some financial breathing space, but there are fees and potential traps that need to be considered.
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Finder.com.au spokeswoman Bessie Hassan said for someone with a $12,000 credit card debt, a 24-month balance t…
Read the full article at: http://www.news.com.au/finance/money/big-balances-an-expensive-problem-for-credit-card-customers/news-story/24497debdf1896fc5a2bfc446b1807aa
