Credit card rates range from under 10% to 25%
More and more Aussies are using their own money to make purchases rather than going in to debt said CommSec chief economist Craig James.
However many people do pay interest on their outstanding credit card debt. For these people, the average outstanding balance rose by $61 in April to $2355 but is down 4.7 per cent on 12 months earlier.
Most credit card interest rates have not been cut in the last year. The highest rate cards charge 25 per cent interest. The lowest are less than 10 per cent.
Source: Herald Sun