Debt cards recommended for young people

Young people are dominating the insolvency statistics with up to 40 per cent of debt agreements now being signed by people under thirty. Financial counsellors recommend young people stay away from credit cards and take up the option of Visa and Mastercard debit cards linked to a bank savings account instead. Getting started early with savings is also recommended by opening up a high interest online savings account. The four year threshold for accessing money in a first home savers account can be met as soon as July 2011 if the account is opened now and $1,000 is deposited every financial year until July 2011.

Source: Herald Sun

Advertisement