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Posted on Tuesday, 12th July 2011 by Sarah Sullivan

The demand for credit cards has surged in the last five years, figures from the Reserve Bank of Australia (RBA) have revealed.

Data from the central bank showed that during this period, borrowing on plastic rose to $49.4 billion in May 2011, a rise of 45 per cent over the last half a decade.

On average, the debt on each card during this period increased to $3,322, but experts have suggested that some households have more than one credit card.

Overall, the number of people who may have gone online to compare credit cards before selecting their plastic increased by 20 per cent as the quantity of cards in the country rose to nearly 15 million.

The amount paid in interest by Aussies on the average card is almost 20 per cent, the data indicated.

Currently, the cash rate set by the RBA is 4.75 per cent, which was the level set in November 2010 when the board of the central bank opted to push it up by 25 basis points.

Tags: Credit Cards, Years
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Posted on Saturday, 9th July 2011 by Rebecca Ortiz

The majority of consumers in the U.S. believe that their personal finance situation is worsening, results from the Discover U.S. Spending Monitor revealed last week.

The Discover U.S. Spending Monitor, which is a daily poll tracking economic confidence, also saw its largest month-over-month drop in consumer confidence ever, as the current index dropped to 85.1 from 89.5 the previous month.

Read more…

Tags: Consumer, Consumer Confidence
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Posted on Friday, 8th July 2011 by Heather Powell

The web is abuzz with news of financial regulations going into effect this month. One in particular caught our eye:

The Fed reports that, starting July 21, creditors will be required to “disclose credit score information to consumers when a credit score is used in setting or adjusting credit terms,” whether the consumer is approved or denied for the credit.

Translation? Apply for credit, and you’ll get to see the credit score the lender uses to approve or deny your application.

This is great news!

We love it when the consumer gets a little help from the Fed. The F

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Tags: Credit, July 21, Starting July, Starting July 21
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Posted on Wednesday, 6th July 2011 by Sarah Sullivan

Nearly 40 per cent of retail spending in Australia goes to either Coles or Woolworths, recent figures have revealed.

The data compiled for the Sunday Mail revealed that $94.3 billion in retail sales, some of which may have been paid for using credit cards, went to the organisations in 2010.

Among the companies under the Woolworths umbrella are Caltex, Liquor Woolworths, Dick Smith, Tandy, Big W and Thomas Dux Grocer.

Coles firms include Bi-Lo, Talbot Hotel Group, Vintage Cellars, and Bunnings Warehouse.

Andrew McLennan, retail analyst at the Commonwealth Bank, commented: “Almost 40 cents in every dollar we spend at the shops is now taken by a Woolworths or Wesfarmers-owned retail entity.”

According to figures from the Westpac-Melbourne Institute Index of Consumer Sentiment, there was a 1.2 per cent rise in spending this month, with increases recorded in the clothing, footwear and books sectors.

People hoping to reduce the amount they have to pay back on their plastic may benefit from heading online to compare credit cards to find a cheaper rate.

Tags: Retail Spending, Woolworths
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Posted on Tuesday, 5th July 2011 by Sarah Sullivan

For the first time in nearly a year, credit card companies didn’t tinker with the best 0% APR balance transfer promotions, leaving consumers with the same batch of very good offers to choose from. As has been the case for the past four months, Citibank balance transfer offers are the cream of the crop, providing consumers with not only the longest rates on balance transfers, but on purchases as well. Discover balance transfer offers remain very strong as well, though apart from these two brands, good deals are few and far between.

Citibank appears committed to providing the best value to consumers when it comes to low rates. T Read more…

Tags: Balance Transfer, Balance Transfer Promotions, Promotions, Transfer Promotions
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Posted on Tuesday, 5th July 2011 by Sarah Sullivan

Demand for consumer credit, for example credit cards and personal loans, rose by 0.4 per cent in the first quarter of 2011 compared to the same period the year before.

Figures from credit information provider Veda Advantage revealed that while mortgage applications declined, a growing number of Aussies are looking for new plastic and personal loans, reports the Australian Associated Press.

Certain areas experienced a noticeably stronger demand for personal loans, such as New South Wales, Victoria and Western Australia.

In these areas, applications rose by up to five per cent compared to the year before.

Quarter-on-quarter, there was a rise in demand for credit cards with the number of people requesting plastic increasing by one per cent.

Those in the market for a new card may find that going online to compare credit cards helps them find the best deal.

Last month, YourMortgage observed that taking advantage of promotional balance transfer rates could help those with plastic to minimise the expenses involved in having a card.

Tags: Cards, Credit Cards
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Posted on Saturday, 2nd July 2011 by Sarah Sullivan

Aussies going online to compare credit cards may want to keep an eye on the rates they pay while they have their plastic as they often increase about three years after a financial crisis.

This is according to banking analyst TS Lim of Southern Cross Equities, who told the Australian Associated Press that after problems in the sector, interest rates drop to “very low levels”.

He noted that this often tempts people to use their credit cards even more than they usually would.

However, those who use their plastic regularly may want to take note of his assertion that “three years after a crisis interest rates start to go up again”.

Those who are unhappy with the rates they have to pay may want to consider switching to another credit card provider, a move that may enable them to enjoy a grace period with low interest payments on their balance transfers.

This comes after figures from credit information provider Veda Advantage revealed that in the first three months of the year there was a one per cent increase quarter-on-quarter in credit card applications.

Tags: Credit Card, Crisis
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