Financial counsellors fear crippling credit card bills combined with cost-of-living pressures will throw thousands of people into holiday debt hangovers. Credit card users face a record $533 million Christmas interest bill.
Consumer Action Law Centre policy director Gerard Brody said credit card competition often centred on rewards rather than rates, but there were some lower-cost options.
“They are a very expensive form of paying, and if you are not paying off the full balance each month you should shop around,” Mr Brody said. “For a big purchase, a personal loan may even be better.”
Source: The Australian