Australians are paying interest on over $20 billion of credit card credit card debt – but you you should not have to, with harmony transfer cards currently presenting % interest for up to 36 months.
Credit rating card interest can be a big barrier to paying off the harmony, with the average normal interest level at 19.94% p.a. in accordance to data from the Reserve Bank of Australia (RBA).
On a $five,000 harmony, that indicates you would be paying $eighty three.03 in interest to begin with. And if you were being paying, say, $200 off the card every single thirty day period, it would take you practically three yrs (33 months) to pay off the harmony and expense you $one,515.39 in interest.
But you can save on interest by transferring your harmony to a card with a very low or % introductory interest level. Right now, there are one hundred