The Reserve Bank of Australia has decided to leave the official cash rate unchanged at 1% as it awaits fresh economic data to allow it to assess the impact of its June and July cuts.
The Reserve Bank of Australia decided to once again reduce the official cash rate, this time to 1% in a concentrated effort to boost household spending and the economy in general.
Australia’s national credit card debt is $32 billion and rising (Reserve Bank of Australia, May 2018).
It’s understandable that people find themselves struggling to pay off their credit card balance when there are so many enticing offers out there encouraging people to have just one more card.
Many people take advantage of credit cards that offer reward points or frequent flyer miles. These types of cards can be considered a useful resource, however it’s important to realise that interest rates could be as high as 17.99% & if you don’t pay off your bill in full each month your interest charges could become expensive.