subject: Aussie Attitude Toward Credit Card Is Changing [print this page] Its about time that Australians change their spending habits especially in terms of credit card use. With recession still reeling, several recent reports have shown how Australian shoppers have finally learned to change their spending habits. The same situation is seen in other developed countries including the U.K. While its true that some Australians have depended on their credit cards to buy their basic needs and pay for their bills, many have also learned their lessons. Some have even developed a fear of the plastic cards all because of the debt they have accumulated due to the card as well as due to the fraud that continues to hound the credit card industry.
Recent reports specifically from the Reserve Bank of Australia have it that credit card use in Australia went down in August this year. For a period of one month alone, the total value of transactions dropped by more than one percent. From July which recorded a credit card spending worth $19,159 billion, the value fell to $18,865 billion in August 2009. The number of purchases using the plastic card was lesser by four million in August compared to the July figure. In addition, the bank report revealed that cash advances via the credit and charge cards also went down by almost three percent. This statistics only proves one thing that Aussie shoppers are indeed affected by the global recession and the high cost of using credit cards. Unfortunately, some remain attracted to the offers of credit card companies done through aggressive promotional campaigns.
Australians should, however, be aware that other than the credit cards, they have other options when it comes to borrowing money for their urgent financial requirements. One of them is the short term loans that include the payday and cash advance loans. In fact compared to the plastic cards, these unsecured personal loans are rather more affordable. Ideally meant for emergency use in between payday, the amount can range from as little as a few hundred dollars to a thousand or two while the loan period is also shorter. This means then that employed borrowers dont have other reasons not to afford to pay back their loans.
by: Shanon Foster
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