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.
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…
An article regarding proposals to ban buying lotto tickets with credit cards.
What a disgrace that there is still no action to raise the minimum monthly payments on credit card bills.
We paid our CBA MasterCard bill yesterday in full, as usual, for some $5,300 and noted that the statement advised that paying some $273 a month would pay the accont off in 2 years and accrue some $1,250 in interest, but paying the minimum amount of $106 would take over 68 years and incur over $35,000 in interes…
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