Most Australians now have a credit card debt. Credit card debt is now the most common type of debt in Australia with the average Australian having credit card debt of at least $2,000. The banks and financial institutions are reaping handsome profits from the credit binge.
If you cannot pay the full amount outstanding each month you will be charged a high rate of interest. The average rate of interest for credit cards is now above 15% p.a. The the cost of interest on credit card debt can be significant for the average household budget.
Australians have $41 billion outstanding in credit card debt (according to the most recent Reserve Bank of Australia report - September 2006). The amount owed on credit card debt has nearly tripled since 2000. The average credit card debt per person is tipped to hit $2,000 by December 2007.
If you allow your credit card debt or other debts (such as Personal Loan Debt, or Finance Arrears, or Store Card Debt) to mount up you may lose control of your personal finances and spiral into bankruptcy.
If your credit card is at its limit and you can't meet the minimum monthly repayments then you will most likely have a credit card debt problem which needs to be solved. We can help you assess if you can get out of credit card debt. Usually we can get you out of debt by recommending an appropriate debt solution product to suit your needs. Each solution is different and the appropriate debt solution will depend on your individual circumstances. The typical debt solutions are:
The appropriate solution will depend upon your individual financial circumstances.
We will assess your financial situation using our Debt Advice Model and will recommend the most appropriate solution to meet your individual needs. We'll discuss your situation in a strictly confidential and empathic manner. Our debt advice professionals will discuss your needs free of charge and our advice will be provided without any obligation.
Call Debt Free today toll free to see if we can help you solve your debt problems.
