Almost one in six people struggle with credit card debt, and balance transfers don’t always help cut the amount of interest consumers pay, the financial regulator says.
A review carried out by the Australian Securities and Investments Commission to be released on Wednesday shows 18.5 per cent of consumers are struggling with credit card debt.
“Our findings confirm the risk that credit cards can cause financial difficulty for many Australian consumers,” ASIC deputy chair Peter Kell said.
Consumers also aren’t advised to carrying balances on cards with lower interest rates rather than those with high rates. ASIC estimates these consumers could have saved about $621 million in interest in the past financial year if they had carried a balan…
Read the full article at: https://www.9news.com.au/national/2018/07/04/06/00/consumers-not-savvy-on-credit-card-debt
