Three strategies to put $500 back in your pocket every month |
They say the average New Year’s resolution lasts 11 days – and guess what? It’s January 10. So it’s just about time to forget any vague overhaul intentions you may have – you know, the spend less, save more, quit-fast-fashion type. Indeed, you may have already!
Instead, resolve – in the next week or two – to flip three key banking products. Because I can reveal that a ditch and switch of the average credit card, personal loan and mortgage today would save the typical Aussie nearly $500 a month. Let’s break it down.
Reviewing your expenses could put up to $500 a month back in your wallet.Credit: Aresna Villanueva
Your credit card: The average outstanding credit card balance is $1588, says the RBA (dividing the balance of personal cards accruing interest by the number of cards). Now the dirty little secret of the credit card industry is that – whether official rates go high or low – credit card rates barely budge.
The average, Mozo says, remains about 18 per cent, where it has been since well before the cash rate was its highest at 7.25 per cent nearly 20 years ago, before first being slashed because of 2008’s global credit crack-up.
Contrast this with today’s most competitive rate of 8.99 per cent (on........