In the past 2 years, credit card debtors have paid only 45% of Australia’s credit card debt of $49.6 billion. If this continues, expect your debts to last longer than your marriage, according to Finder, a comparison web service.
This is attributed to credit card holders’ content in just paying the minimum amount. It is interesting to note that credit card debts last 3 times longer than the average marriage length for the country, at 12.3 years. On the average, if the minimum amount is paid, it takes 42 years to pay off the credit card debt as most of the amount goes to the interest, and not the principal amount. Interest rates are close to 20% every month.
Organizing a monthly payment strategy is strongly advised as it not only pays up the credit card debt faster; it gives consumers their much needed peace of mind.
Read more about this on the Cairns website.
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