Herald Sun --- Page: 4 : 5 January 2007 Original article by Carla Danaher
ABIX Summary
Financial cousellors are preparing for the fallout of the spending surge witnessed during the 2006 Christmas period. According to Reserve Bank of Australia data, consumers spent about $A16 billion on credit cards in October. The national credit card debt has now reached $A37 billion. Jill Com, of Financial Counselling, says many families are facing the triple challenges of Christmas credit card debt, combined with interest rate increases and back-to-school expenses. Choice's Indira Naidoo has suggested that people with large credit card debts consider reducing their borrowing limit.
