Queenslanders racking up less credit card debt amid rise of buy now, pay later
Shoppers in Queensland are racking up less credit card debt as more buy now, pay later services become available, according to new research.
An analysis of spending habits, conducted by the comparison website Mozo, found credit card debt dropped by 45 per cent in the last decade.
The average cost of a purchase fell at least 23 per cent to $90.
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Shoppers in Queensland are racking up less credit card debt as more buy now, pay later services become available. Nine
To compete with the rise of buy now, pay later services, financial providers are offering a slew of deals to encourage borrowing.
Mozo spokesperson Rachel Wastell said now was the time to shop around for the best credit card offer.
"If you haven't looked at your credit card in the past 10 years, I would recommend you do so because a number of cards have changed their rates and we have seen a number of cards come in from smaller providers that are quite competitive," she said.
Wastell said at the end of the day it was about choosing a plan that best fit spending habits.
"If you are someone who's diligently paying off your balance, you might wanna look for a low or no annual fee card, but you do get a higher rate sometimes," she said.
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