With last week’s Reserve Bank of Australia board minutes indicating official interest rates will stay high well into next year, household debt management will remain a huge priority for Australians.
Loan repayments are crippling family budgets at a time when cost-of-living pressures are squeezing spending, and credit-card balances are rising to plug the gap. Debt consolidation has become the ultimate cure to manage the total debt burden as Aussies work to crunch over $18 billion in credit-card balances accruing interest.
RBA data shows the average lending rate for credit-card balance is at whopping 17.98 per cent, so debt consolidation — rolling multiple loans into one — has become a popular way to manage debt with a single due…
