Credit warn­ing

Mt Druitt - St Mary's Standard (East) - - NEWS -

Christ­mas shop­pers are be­ing warned not to be en­ticed by 0 per cent in­ter­est credit cards flood­ing the mar­ket. While the num­ber of no-in­ter­est cards have dou­bled in the past two years, the con­se­quences can be high for peo­ple who do not pay off the bal­ance in time. Anal­y­sis by fi­nan­cial com­par­i­son web­site Mozo re­veals some cards re­vert to in­ter­est rates as high as 21 per cent. Choice’s Tom God­frey said none of the cards should be thought of as a free ride. “While th­ese of­fers sound ap­peal­ing … they can be a fast track to high in­ter­est rates and very high debt that you’ll find hard to get rid of,” he said.

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