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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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Money

Anticipation builds for US jobs data and it’s global impact

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What to expect on. a global scale as investors brace for key U.S. employment figures.

Investors and economists are eagerly awaiting the release of the latest US jobs data, anticipating its potential impact on global market trends.

The numbers are expected to provide crucial insights into the health of the world’s largest economy and may influence investment decisions and market sentiments worldwide.

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ASX 200 – what are the key market impacts from reporting season?

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What have investors learned as ASX 200 wraps up reporting season?

As the ASX 200 reporting season draws to a close, market participants are analyzing the outcomes and drawing key insights.

From notable earnings reports to unforeseen challenges, the conclusion of this reporting season unveils critical information that will shape investment.

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Money

AI pushes the Nasdaq to a record-breaking close

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The Nasdaq achieved a record-breaking close, surpassing its previous record high of 16,057.44, which was established on November 21, 2021.

Artificial assistance

Artificial intelligence-related technology stocks, such as Nvidia (NVDA.O) and Microsoft (MSFT.O), have greatly boosted the index.

The Nasdaq Composite has increased by almost 7.2% this year.

The tech-focused index surged 43% in 2023, and as chipmakers gained traction and confidence increased that the Fed might achieve a soft landing—that is, curb inflation without inciting a recession—stocks surged strongly by year-end.

In contrast, Nvidia increased by 1.9% on Thursday, bringing its total gain from a year ago to around 250%.

Market boom

Every S&P 500 subs sector saw a gain at the end of the month.

Analysts at Deutsche Bank report that the index has now increased for 16 of the past 18 weeks, matching the record most winning weeks last attained in 1971.

Bitcoin also moved closer to its all-time high.

The price of the virtual currency momentarily surpassed $64,000 as spot bitcoin ETFs helped drive it to heights last seen in 2021.

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