Are you paying too much on your credit card debt?

The Reserve Bank of Australia reported that the nation collectively has racked up $51.46 billion in credit card debt. More than $33.1 billion of that debt is accruing interest.

And a lot of credit card interest rates remain high. Some credit cards have interest rates on purchases up to 26 per cent. A Senate inquiry into credit cards is investigating why average card rates are at about 18 per cent despite the RBA’s official cash rate falling to two per cent.

If you are paying a high rate of interest, shop around and compare credit card deals today on Infochoice.

Source: Adelaide Advertiser