People should be careful to avoid a Christmas debt hangover, financial counsellors have warned, despite Australians reducing their credit card bills amid the uncertainty of 2020.
Key points:
- Credit card balances decreased by $11.7 billion this year
- Buy-now, pay-later services continue to increase in popularity
- Financial counsellors typically see an increase in calls for help after Christmas
Canberra financial counsellor Deb Shroot could be on the other end of the phone if you call the National Debt Helpline.
She said there had been calls from a whole new cohort of people this year.
“People who’ve maybe been fine at managing their debts but then this year they’ve either lost their job, they’ve had less hours and therefore have needed to seek …
Read the full article at: https://www.abc.net.au/news/2020-12-22/warning-on-christmas-debt-but-credit-cards-paid-down-in-covid/12997372