Did you know that almost 60% of New Zealanders pay off their credit cards in full each month?
Well, they're the smart ones because they're making the very best use of their credit cards. That is, they're enjoying an interest free period on their cards and not paying an extra dollar for their purchases.
Reserve Bank figures show that interest bearing debt on credit cards in April this year equalled $3.6 billion, which means around 40% of us are paying significant amounts on high interest debt. With an average 17.7% interest rate, that comes to around $640 million we're spending on interest payments each year. That's money that could be going on things we love - our families, friends, our communities, ourselves!
Money Week has finished for this year; but all the tips, information and tools are here ready to help you 'shrink' your debt.
Managing your mortgage and dumb debt is the key
to shrinking your debt and reaching your goals.
Contact us today to find out more...
Mortgage People proud supporters and facilitators for Sorted.org.nz
freephone 0800 823 823 or email us enquiries@mortgagepeople.co.nz
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