‘Perfect storm’ of credit card debt brewing for Australians during COVID-19
Rapidly falling incomes, a move to card-only payments and a complete avoidance of cash is creating a “perfect storm” for Australians to find themselves in deep financial ruin.
Andrew Fleming, CEO of financial stress-busting app Financial Mindfullness, says many Australians are unaware of the debt they are getting into by relying solely on personal credit.
“There is almost one credit card for every adult Australian. In January 2020 just before the crisis, there was $42.6 billion owing on credit cards with $28.4 billion accruing interest,” explains Mr Fleming.
Read the full article here.