Large numbers of Australians are expected to use their credit cards to cover their bills in the next three months.
Those aged between 18 and 34 were expected to be the most likely to compare credit cards in order to get the best deals.
Statistics compiled by Dun & Bradstreet (D&B) found that 45 per cent of people with children would utilise their plastic to cover unaffordable expenses, while 31 per cent without dependents pledged to do likewise.
Young Australians who earn less than $80,000 a year were deemed to be the most likely to be lured by the appeal of credit cards, the report noted.
D&B chief executive Christine Christian believes using cards in this fashion can lead to problems in future years.
“Many Australians are using credit in ways that may eventually harm them and expected interest rate rises later in the year may be the trigger that causes distress for many households,” she remarked.
A survey conducted by the Reserve Bank of Australia showed 60 per cent of Australians pay for their bills online.
State funds in Tennessee will help low-income consumers pay down medical debt
Debt brought on by expensive medical bills can be costly and financially devastating. Some Americans, unable to pay their bills, fall into a precarious financial state that may lead to bankruptcy and credit score damage. To alleviate the burden of medical-related debt, a new program in Tennessee will help consumers pay down their balances.
TennCare, a state assistance group, announced the launch of a new program that will help consumers who fall within a certain income bracket to reduce their medical debt. Read full article…
The number of Americans paying credit card bills late has declined, report shows
It appears that consumers are putting themselves in a slightly better financial position, according to a new report that reveals credit card late – stage delinquency rates have declined for the fifth consecutive month. Delinquency rates are utilized by financial experts to measure future losses. The current declines recorded suggest that charge off rates may also decrease in the coming months.
“Seasonal factors are influencing the improvement in delinquencies and could benefit charge offs in the coming months,” Fitch Ratings managing director Michael Dean said. Read full article…
