If youre one of the many Australians who cut down their credit card debt during coronavirus, you need to also make sure you keep it off when things go back to normal.
For years, credit card debt has been a problem for many Australians. Back in 2017, an ASIC report found almost two in five people had long-term credit card debt and had it since at least 2013. Its very easy to fill up on credit card debt and even harder to pay off.
A similar ASIC report in 2018 found at least one in three people who use a balance transfer end up with at least 10% more debt after transferring a balance. Using ASICs credit card interest calculator, a $5,000 credit card balance on an 18% p.a. interest rate would cost you $…
Read the full article at: https://www.savings.com.au/credit-cards/how-to-keep-credit-card-debt-off-post-covid