If you find yourself in the situation that you are unable to pay your credit card debt balance off each month then there are steps you can take to reduce your interest charges.
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Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
Interest rates charged on credit cards fell much less than the official cash rate over the last 18 months as the RBA cut rates by four per cent. Banks claimed that rising default rates or risk of defaults were being priced into the credit card rates, most of which fell by less than two per cent during the cutting cycle.Now that official rates have been raised by half of one per cent and the economic forecasts are improving, the banks and credit card issuers have put 0.5 per cent on to their credit card interest rates. Credit card rates are likely to mirror or exceed the official rises in interest rates that are expected over the next 12 months.
