Sydney, Australia (PressExposure) August 11, 2009 -- Australian consumer credit card debt has been rising steadily since the mid 1990's. The global financial crisis has caused heavy credit card spending to be arrested but many consumers have yet to learn about comparing the credit card market for the best deal and instead rely on the banks to tell them what cards they should choose.
Comparison website Credit Card Compare (http://www.creditcardcompare.com.au) is into its second year ofÂ offering its free-to-use comparison service for Australians. The website allows consumers to compare the credit cards which are on the market listed with all of the important features such as interest rates and annual fees so that they can make the best choice. Additionally, there is a personal finance blog (the Credit Letter) that provides general personal finance advice, interesting editorials and money saving tips.
"The credit card binge seems to be slowing down and the on the whole Australia is on the road to economic recovery. However, people are struggling in the current economic climate but consumers are looking to secure their personal finances by paying off their credit card debt and saving more. That being said, there are a lot of Australians who are stuck paying off large balances onÂ credit cards that are charging in the region of 19% APR interest. This is both excessive and unnecessary. Consumers need to know that on the market there are balance transfer credit cards which offer very lowÂ balance transfer rates, sometimes as low as 0% APR for 6 months or low ongoing interest rates of around 10%. Comparing the market and switching to a better credit card will make a world of difference for someone carrying $15,000 credit card debt from month to month," says Credit Card Compare spokesman David Boyd.
Current Credit Spending Trends in Australia
- Financial struggle: As many as a third of Australians would go broke or end up paying their way on credit cards within 30 days of losing their job according to research published by Dun and Bradstreet.
- Spending habits: INGÂ Direct recently surveyed 11,000 people in nine countries and found out that Australians are responding well to the economic downturn by cutting back on luxuries and reducing credit card debt.
- Eating out: The current trend from Sydney and Melbourne is downscaling. Credit card dataÂ shows that people are eatingÂ out at cheaper restaurants rather than fine dining. Interestingly, restaurant owners are reporting that patron are ordering less from the dessert menu.
- Eating in: Research shows that half of Australians are cooking more often at home meanwhile around one fifth of Australians are growing their own food to save money.
How Credit Card Compare Can Help:
- Compare credit cards - Credit Card Compare gives the consumer control to sort through the cards online and let the figures do the talking. Why pay off a credit card balance at 19%+ when you could transfer that debt to a card with much lower ongoing interest rate? The lower interest rate then allows the consumer to make a serious attack on the entire amount instead of only paying the minimum repayment.
- Review you choices - Once you've compared the choices you'll need to narrow them. Review the options and apply for the card that is most suitable for your personal finances.
- Secure Online Application - Consumers can apply online securely and quickly directly from the bank's own website. Some banks will even give you a response in a matter of minutes.
- Read & Research - The Credit Letter blog is being added to every week with excellent personal finance posts, interviews and editorials. We have also made it much easier to subscribe to the RSS or via Email.