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Consumers Cautious Over Credit Card Debt
According to
recent official figures from the Reserve Bank of Australia (RBA)
Australians are being very cautious about credit card debt. The figures
show that credit card debt is currently growing at its slowest rate in
fourteen years.
According to Richard Greenwood of Click4Credit; "consumers are showing caution in the
current financial crisis and slowing their spending. It also suggests
people are being sensible and trying to cut their debts or avoid them
rising to ensure they are less exposed to financial problems during the
economic downturn".
According to Mr Greenwood, "credit
cards can still offer an excellent way of managing cashflow but only if
you are careful and create some healthy habits to track your spending
and to try and pay off the bills in full each month".
A few tips include:
- Call the
bank and asking them to reduce your credit limit. With a lower limit
you avoid the risk of getting into a huge debt.
- Reduce the
number of cards you have. Do a credit card comparison
search and find a card with features that suit you best such as low
interest credit cards. Use this as you main card and get rid of any
expensive cards you don't require.
- Keep track
of your spending using online banking. Don't get caught out with a
shock when you get your bill in the post. An even more basic option is
simply keeping a spending diary you take everywhere and jot down
everything that you spend.
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