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Recent data from Canstar reveals that Australians are paying an average interest rate of 18.52% on their credit cards, with some rates even surpassing the 20% mark.
Despite these high rates, there are credit card options available with significantly lower interest rates, around nine percent.
Financial expert Tindall recommends that Australians consider switching to a card with a lower rate.
“Although the number of lenders offering rates below 10% is limited, these options are available and could be a feasible way to minimize financial strain while paying off debts,” she advised.
“In an era where every dollar is crucial, it doesn’t make sense to give away extra money to your credit card company,” she added.
The content on this website is intended for general informational purposes only and should not be considered as personal financial advice. It is provided without taking into account your specific objectives, financial situation, or needs. Before taking any actions based on this information, consider its relevance to your individual circumstances.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
