56% of gen Y (those born during the 80s and early 90s) that have a credit card have never had a zero balance on their credit card in the last year, and 63% are not aware what interest rate they are paying. Its a real concern, given that the average credit card rate is close to 17% - According to the Australian Bureau of Statistics. Thats a lot of interest were talking about, but also a lot of impulse buying and perhaps purchasing things that are going to cost a lot more in the long term than if they had waited and saved. For example : Going on a $5,000 holiday. If you save up for this at $250 per month, you will have the money within 18 months vs putting it on credit card, you will be paying it off for nearly 3.5 years.
Posted on: Fri, 28 Nov 2014 04:27:24 +0000
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