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Credit cards still as popular as ever

16/05/2011

Australia’s total credit card balance has grown 42 per cent in five years, according to data from the Reserve Bank, and the number of cards is also growing and about to top 15 million cards on issue for first time.

Oracle Lending’s Angelo Bennet said his company is seeing more people wanting to consolidate their card debts into one loan.

“They are struggling to meet minimum repayments let alone pay off debt,” he said. “Consolidating can be painful if the original card is kept and spending continues.”

Veda Advantage said 76 per cent of adults have a credit facility of one type or another. 64 per cent have a credit card, with 34 per cent having a home loan.

Source: The Daily Telegraph



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Institution Title Product Title Rate (%) Apply Button
Citibank Clear Card 15.99 Details
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