19/10/2026
💳 The average Australian has close to $5000 in credit card debt. If you just paid the minimum monthly amount – about $130/month – it would take you over 34 years to pay it off! What a debt trap! The quicker you repay a credit card or loan*, the less you will pay in interest and fees, leaving more money in your pocket to save up for your next purchase.
* make sure you check the terms and conditions for any personal loans or mortgages, some will have a fixed rate for interest and repayments and may charge you an early termination fee to close the loan early.
IMAGE DESCRIPTION: Heading in pink font reads ‘Money Tip Monday’. Blue text in white box on a background of Australian banknotes reads ‘Pay more than the minimum repayment to reduce the amount of interest you pay on loan and credit cards’.