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.....
Lenders tighten up as debt stress booms 21 April 2010
Forty per cent of Australians pay more than half their income out in repayments on their debt according to big mortgage broker Loan Market. One in five Australians with debt are having trouble meeting repayments or are unsure how they will keep up with repayments in the coming years according to credit reference agency Veda Advantage. With more interest rate rises expected throughout 2010, many more people are expected to struggle with repayments.Shaun Cornelius, CEO of InfoChoice said that lenders calculate how much debt a person can carry according to their income. A person on an average income of about $50,000 might be able to handle repayments of up to about 30 per cent of their income, while those on higher incomes may be approved for loans that take up to 50 per cent. Lenders are increasingly prudent when it comes to lending to people they believe may struggle with repayments said Cornelius.
