Is Credit Card Debt Causing You Worry?

"I see my role if needed as a financial mentor but one who can show warmth, practicality and empathy."
-Katherine Hann
May 9, 2017

Is Credit Card Debt Causing You Worry?

By Katherine Hann

Is Credit Card Debt Causing You Worry?

Is credit card debt causing you worry?

Do you know what your credit card fees are?

They could include all of these listed below:

  • Interest charges
  • Balance transfer charges
  • Cash advance fees
  • Foreign transaction fees
  • Annual subscription fees

What does interest do to the cost of your purchase?

  • When you carry a balance on your credit card it means that you will end up paying more interest.
  • You will be charged interest for every purchase from the day of purchase until it is paid off.
  • So, when you buy something, the price that is written on the receipt is not the price that you actually pay when you add the interest charges.

Is an interest free period right for you?

  • Are you disciplined with your money?
  • Can you simply leave it for later, or not buy it at all?
  • Do you know when your credit card payment is due, and do you have the available funds to pay it off in full each

If you have answered yes to these questions, you are the type of person that could use the interest free
period on a credit card effectively.

The average Australian will pay $734 per year in interest charges and the amount of debt we have on credit
is truly astounding!

Check out this link from ASIC Money Smart for an interactive credit debt calculator, to find out more about how to reduce your credit card debt.