How to choose the best credit card – and avoid falling into debt

[Fred123]

This is an issue I feel very strongly about as per my previous posts in the forum.

The Great Credit Card Debt Trap

An article regarding how Australian consumers are getting trapped by credit card debt. We always pay our cards in full every month but unfortunately, a great many others do not, I paid my CBA MasterCard last week.It was just under $2,370 and the advice on the statement was that if only the minimum payment of $47.00 was made, it would take some 36 years & 11 months to pay off and incur interest charges of $11,696.38 but if $122.12 was paid, it would take only 2 years to pay off, incurring int…

When is 'No Interest' really No Interest?

I have posted about this under other topics and suggested that action needs to be taken to increase the minimum monthly amount to a realistic figure so as to help consumers to avoid these debt traps.

It is time that the Government legislated that the minimum monthly payment will be sufficient to pay the debt off in a few years and not many decades.