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Cashflow crisis for millions as credit cards become lifeline

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A staggering number of Australians are resorting to credit cards to navigate financial hardships, reveals recent research conducted by Finder.

Finder’s Credit Card Report 2024 indicates that nearly half of credit card holders (44%) have made unplanned purchases on their cards within the past year, affecting approximately 4.6 million Aussies who found themselves unprepared for unexpected expenses.

Among these, nearly 750,000 individuals (7%) have resorted to credit cards after depleting their funds before payday, while one in five (21%) have been caught off guard by emergency expenditures.

Black Friday

Additionally, 14% admitted to overspending during sales events like Black Friday, further exacerbating their financial strain.

Amy Bradney-George, a credit card expert at Finder, underscores the impact of rising expenses and inflation on household budgets, driving many to rely on credit cards as a last resort.

“Persistently high inflation rates and aggressive interest rate hikes have taken a toll on finances, leaving many Australians with dwindling savings and credit cards as their sole lifeline,” Bradney-George explains.

Gender disparity

The data also reveals a gender disparity, with women (12%) being four times more likely than men (3%) to turn to credit cards due to insufficient funds before payday. Additionally, millennials are disproportionately affected, with a quarter (25%) admitting to relying on credit cards during emergencies over the past year.

In light of these findings, Bradney-George urges Australians to exercise caution with their spending and prioritize essential expenses. She advises those grappling with credit card debt to explore options such as transferring balances to cards offering introductory 0% interest rates on balance transfers.

“This allows individuals to repay their debt without incurring additional interest charges for a specified period,” Bradney-George explains. “However, it’s crucial to have a repayment plan in place to avoid accruing higher interest fees after the introductory period.”

For those facing financial stress, Bradney-George recommends reaching out to lenders for assistance or seeking guidance from free financial counseling services like the National Debt Helpline (1800 007 007).

As Australians navigate economic uncertainties, proactive measures and responsible financial management are essential to mitigate the impact of credit card reliance on household budgets.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Money

Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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