Are you in control of your credit card?

Over the last 12 months, total credit and charge card balances grew from $49.62 billion to $49.99 billion but balances accruing interest fell from $35.35 billion to $34.43 billion.

That indicates more credit card users are getting better at managing their cards and paying off their debt within the interest free period.

Many credit cards have high rates, so if you are carrying a debt that is accruing interest, shop around for a low rate card. Letting debt accrue on a high interest rate credit is a sign of not really being in control of your finances.

Source: The Age