Talking Cents

Facts you didn't know about credit card debt, by your small business accountant in Melbourne

In recent times, it has become clear that almost anyone has the ability to get a credit card, which can be good for the economy but bad for their personal financial health especially if they aren’t good at saving money. So our small business accountant in Melbourne wants to tell you about debts and credit cards.

One of the clear factors that come with a credit card is the debt that you end up in from the constant use of it. So our business accountant in Melbourne will talk about credit card debt:

• Almost half of Australian’s believe that they are not paying any interest on credit cards, which results in more people being in debt because they don’t know how much they are paying or being charged in interest
• Did you know that the big banks make more money from credit cards than home loans?
• Credit card rates don’t change, regardless of the current financial state of our country, so be weary when investing in one
• Reward programs are only worth it if you are a big spender, the banks talk about all these rewards but never mention the cash amount needed to be spent in order to get them
• Did you know that poorer people in Australia accumulate more of a credit card debt than richer people
• Cash payments are a thing of the past and credit cards are taking over, there are over 16million credit and charge accounts in Australia

Our small business accountants in Melbourne’s CBD want everyone to know of the risks that are involved with credit cards.

If you have any enquiries, please feel free to get in contact with our small business accountant in Melbourne.