Save up to $157 by paying off your credit card balance | Dollar Saver tip #86
Key takeaways
- Paying the average $1373 credit card balance avoids $157 in interest over 12 months.
- Paying your credit card balance in full prevents unnecessary interest charges from accumulating.
- Explore a low rate credit card if paying your balance in full is not currently possible.
Save: $157
Tip overview
Australians are actually pretty good at paying off their credit cards. Surprising, I know.
And the average unpaid credit card balance is $1,373.
Not massive.
Did you know?
But with credit cards charging 20.6% interest on average, that balance is still burning a hole in your pocket. If you took 12 months to pay that card off, at that rate, you'd pay $157 in interest.
That's money for nothing.
Don't let your card spending get the better of you. Pay off your balance in full. And if you can't pay your balance off, make sure you have a low rate card that doesn't charge sky high interest.