Credit Cards News

December spending spree kicks credit card debt back above $20 billion

Credit card debt accruing interest has risen for the second month in a row, now back above $20 billion dollars.

RBA governor encourages Aussies to send credit card companies a message

Reserve Bank of Australia (RBA) governor, Dr Philip Lowe, has expressed his “frustration” with credit cards charging interest rates upwards of 20 per cent, and encouraged Australians to shop around for better rates to send a message to card providers.

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Click Frenzy: $58 billion spent on credit and debit cards in November

Australians went on a spending spree the month before Christmas, making purchases worth $58.31 billion according to the latest credit and debit card statistics released by the RBA today.

1 in 3 Aussies don’t know their credit card interest rate, do you?

New research from Defence Bank has found that one in three (35 per cent) of credit card holders don’t know their interest rate. If you’re constantly being stung by credit card interest, it may be worth considering switching to a low-rate credit card.

Credit card hangover: how to pay off your holiday debt

If you find yourself struggling with a credit card debt hangover, there are steps you can take to get your finances back under control.

Think twice before overspending at the Boxing Day sales

Consumer advocate RateCity.com.au is warning Australians to keep track of their spending in the post-Christmas sales, with the national total expected to hit $19.5 billion, according to the Australian Retailers Association.

Credit card debt drops below $20 billion

New RBA figures out today show Australians have slashed the national credit card bill to $19.71 billion in October – the first time debt accruing interest has dropped below $20 billion in almost 16 years.

Beware of the debt hangover this Black Friday

Australians are set to log on in record numbers to the Black Friday and Cyber Monday sales. But while retailers are promising customers big savings, RateCity.com.au is warning shoppers not to get carried away.

A third of Australians are expected to spend this Black Friday weekend

Millions of Australians are readying to spend big during the ‘Black Friday’ weekend, even though they’ve spent recent months stockpiling savings and paying down credit card debt.

Afterpay versus credit cards: which is better for your finances

A younger generation of Australians are turning to Buy Now, Pay Later services to fund their spending. But two of the big four banks are stepping up to the plate, offering a no-interest credit card alternative to Afterpay and its competitors.

Credit card debt hits lowest level since 2004

Australians have wiped a total of $6.3 billion of debt accruing interest from their credit cards since COVID, according to new RBA figures released today.

CBA launches Australia’s second no interest credit card in as many days

Australia’s biggest bank, CBA, has announced a no interest credit card – the second of its kind in as many days.