Need to know
- The people who spoke to us about their long-term credit card debt reveal the financial and emotional toll this debt can take
- No- or low-interest balance transfer offers often leave people with more debt than they started with
- CHOICE is calling on the banks to offer a six-month payment deferral on all credit products, with no additional interest charged on loans, among other measures
Early in April, Lody Stewart, a financial counsellor at the Financial Rights Legal Centre, took a call from a woman who was worried about her credit card debt. It was one of about 20 such calls she would take that week.
Maureen*, 84, had been making the minimum monthly repayments on two credit cards for as long as she could remember. One was…
Read the full article at: https://www.choice.com.au/money/credit-cards-and-loans/credit-cards/articles/what-never-ending-credit-card-debt-is-doing-to-australians