The good news is that post-GFC, Aussie’s have been reining in their spending and reducing their debt. Or at any rate, not increasing their debt at the same rate as pre-2008! We are still collectively paying interest on around $36 billion credit card debt though; between credit cards, store cards, and other personal loans, we can get into financial strife before we realise it. So here is an easy process to de-clutter your credit card debt.
Grab a piece of paper and a pen and write down the outstanding balance of all personal debt that you currently owe. That includes credit and store cards and any other personal loans. Next to each outstanding balance, jot down the interest rate that you are paying on that debt.
When you see it in writing, you could be surprised by how much interest you are paying on some of your loans. CANSTAR analysis shows that the average credit card interest rate is in excess of 17% – even the average car loan interest rate is currently in excess of 9%. So check out what else is on offer. Click here to compare credit cards, click here to look at balance transfers. Click here to compare car loans and here to check out other personal loans.
