Credit Card Interest – the Ignored Rate-Rise Impact

Interest rates are set to rise again next month in a “double-whammy” for low-income families struggling with rising mortgage and credit card repayments.


“This latest interest rate rise will have a devastating impact on credit card holders, already struggling to pay back their debts compounded by punishing interest, as well as their mortgages.” says Christian Oey, CEO of NoBankruptcy.com.au.


“The focus at this time each month is on the impact on the home market and mortgage repayments, but what about the 15-20% rates being paid by credit card holders? They’ll increase again too.”


“We’re seeing more and more credit card debt repayments crippling families, rending apart peoples’ lives and forcing more people into bankruptcy,” said Mr Oey.


NoBankruptcy.com.au is a company specialising in Informal Debt Agreements, negotiating directly with creditors on their clients’ behalf.


“NoBankruptcy is a specialist team of debt negotiators, helping clients become financially sound once more, through direct debt management. We genuinely want to help people get back on their feet.” said Mr Oey.


Many factors can lead to people who were once financially sound becoming unable to meet their commitments. Job loss, illness, divorce and family issues can all have the effect of people taking their eye off their finances, allowing them to fall into disrepair.