'Perfect storm' of credit card debt brewing for Australians during COVID-19

"This situation, with lower incomes and increased use of cards – is a perfect storm for millions of Australians to deepen the financial holes they were already in." According to Mr Fleming, a large component of this perfect storm is a lack of awareness around how customers are being charged to use a credit card. "Many Australians don't understand how a credit card works: The average credit card standard interest is 19.94 per cent," says Mr Fleming.

Read more: https://www.9news.com.au/national/coronavirus-australia-perfect-storm-of-credit-card-debt-brewing-during-covid19/945c4c73-0dd7-4bf3-9a01-3c06f20dfa6d