Time is of the essence ... Time is running out for Australians to join the Big Debt Switch and cut their credit card interest rate costs
CONSUMERS fed up with being gouged by exorbitant credit card interest rates have only a short time left to take action.
Already more than 67,000 people have joined the Big Debt Switch to help them get their finances back in control and reduce the interest charges they get slugged with each month.
The campaign was launched in August and has drawn an overwhelming response by Australians, many of whom are paying in excess of 20 per cent interest on their credit card debts.
Campaign director Joel Gibson said it was now up to consumers to do something about their financial situation and put a stop to paying high interest charges.
“The tens of thousands of households who joined this campaign can be very proud that they’ve had a big impact on the credit card market,’’ he said.
“They’ve made Australian consumers realise that they can pay less than 10 per cent per annum in some cases (on their credit card), so they should stop paying double that.’’
Fed up l... Big Debt Switch campaign director Joel Gibson said tens of thousands of Australians are sick of being gouged by excessive credit card interest ratesSource:News Corp Australia
The nation owes a giant $32 billion on plastic that is accruing interest — the average credit card interest rate is about 17 per cent.
Community First Credit Union and peer-to-peer lender SocietyOne have both rolled out exclusive offers to those who join the campaign to help them cut their debt.
Community First Credit Union has agreed to cut two percentage points off its already super-low rate Visa card for 12 months.
The introductory variable rate of 6.99 per cent rate applies to purchases, balance transfers and cash advances.
SocietyOne already offers some of the lowest personal-loan deals in the market and will provide those who sign up to the campaign a $100 gift card when they take up a low, fixed-rate loan.
Eligibility criteria, fees and conditions apply for all offers.
To join the campaign for free visit www.onebigswitch.com.au and sign up before 11.59pm AEDT on Friday, November 6.
* There is no obligation to take up any offer. News Corp Australia and One Big Switch will earn a commission from any accepted deals. News Corp Australia is a shareholder of One Big Switch.