Finance experts say credit card providers benefit from customers who are not fully aware of terms and conditions. Bank coffers are overflowing with interest, fees and charges from customers indifferent to the fine print. The nation's credit and charge card debt of $37.3 billion in October is set to soar following the Christmas and new year splurge.
It is not too late to get your finances in order, but it does require strategy and discipline.
Finance counsellor Jan Pentland, of the Financial Counselling and Credit Reform Association, says it is important to meet the first minimum repayment of the year.
Those unable to do so should immediately contact their lenders to stave off inevitable and hefty late payment fees of about $35.
"The worst thing struggling households can do is to ignore the cold, hard facts," she says.
