Australians are set to emerge from the Christmas season with the lowest January credit card debt in more than a decade after the pandemic made consumers more cautious and accelerated changes in the way we pay.
RBA governor Philip Lowe says there is a case for changes to laws governing our payments system as technology provides benefits and drawbacks.
Credit card users have repaid more than $6 billion of their high-interest debt since the pandemic struck in March,and more than 500,000 accounts have been closed.
How does the cost stack up with other credit cards – particularly low-rate cards? You be the judge.
Lockdowns across parts of the country since March,record low interest rates and restrictions by some retailers on the use of certain types of payments have changed consumers'buying habits.
Shopping with a card or via an online platform is relatively pain-free,so vigilance is important.
Slater and Gordon will allege CBA customers were proactively sold insurance products they were not eligible to collect on.
A savvy strategy lets you"hibernate"your credit card debt while you deploy spare cash to where it's needed most.
Borrowing money has never been cheaper but there is a glaring exception to the almost universal plunge in interest rates.
Figures collated by ANZ and Commonwealth Bank from their debit and credit cards show the advent of winter has prompted consumers to get off their lounges and down to the local shops for some retail therapy.
If you are experiencing financial hardship,always approach your bank for help and assistance.