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Follow on Google News | Credit Card Cost - Unknown FactsSydney -17 July 2013 – According to a recent consumer survey conducted by the consumer group Choice, many of us have no clue what our credit cards actually cost us. Researched and written by Debt Fix
By: Debt Fix 1. If you do not pay off your credit card in full at the end of the month, you will attract interest charges. 2. Even though the Reserve Bank has been dropping the official cash rate, this mostly impacts Home Loan holders not credit card holders. 3. If you had a $10k credit card at 23% interest, and you paid only $200/month, it would take you nearly 14 years to pay off and cost you over $32000. 4. Cash Advances from a credit card generally attract a much higher interest rate Ultimately how you use your credit card, your purchasing and repayment behavior, are factors that all impact the cost of the finance and the financial impact a credit card with have on your budget. Conflicting with this are the real needs of the individuals. All too often, credit cards are relied upon when income is insufficient to meet day to day expenses. In this way, unplanned purchases can result in increased indebtedness. There are countless articles espousing the correct use of credit cards however the harsh reality is that the real day-to-day needs of the individual will always outweigh the perceived “responsible” use of credit. In other words, no matter how financially literate an individual is, if a need exists that is perceived to be greater than the consequence of increased indebtedness, then naturally the individual will always rely on credit to meet that need in circumstances where there is insufficient cash available. This is not to say that the individual doesn’ As unemployment rises and savings accounts diminish, credit card use tends to increase as people pay for today’ Increased unemployment levels symptomatic by a declining economic environment, the amount of people facing a situation where they have unmanageable debts with limited means increases as people “hit the wall”. In such circumstances, it is vital that people turn to trusted, qualified professionals for support. Grant O’Donnell, director and founder of Debt Fix (one of Australia’ Debt doesn’ Grant O’Donnell says; “… In such circumstances, Mr O’Donnell says that most people referred to friends and family for financial advice; “… As well-meaning and intentioned close friends and family may be, unless you receive advise from a qualified professional, you risk potentially making your situation worse. Mr O’Donnell went on to say, “… For more information, contact Debt Consolidator Sydney (http://www.debtfix.com.au/ End
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