“Put a cap on card debt” by Paul Clitheroe
It looks like the sun could be setting on our love affair with credit cards. The nation’s level of outstanding card debt has barely risen over the past year as Australians make a return to using their own money rather than relying on high interest debt.
Not so long ago our collective credit card debt was growing by around 20% annually. Put simply it meant someone starting out the year with a card balance of $5,000 could expect to rack up a tab of $6,000 by year’s end. According to comparison site RateCity, these days that same $5,000 balance would be more likely to grow by just $6 over the course of a year.