Credit Savvy finds Australians could save $3,000 in interest by switching to a more competitive credit card
Consumer advocate, Credit Savvy has released an infographic that visualises the credit and financial landscape of Australia.
- The average Experian credit score was highest in the ACT at 700 (out of 1,000).
- Household debt has reached a staggering $2 trillion and the average credit card debt is $3,114.
- Credit Savvy has found that Australians could save over $3,000 in interest by switching to a more competitive credit card.
Managing Director of Credit Savvy, Dirk Hofman said, “We strongly encourage Australians to see if they’re getting the best deal possible. When you consider that there can be a difference of up to 12% p.a. in interest rates between different credit cards, it pays to do your homework on what’s out there.”
“This doesn’t just apply to credit cards – there are plenty of competitive deals out there on home loans and personal loans as well. In fact, if you’ve got a great credit history, there are personal loans you can find on the Credit Savvy Marketplace that could reward you with a better interest rate.”
Credit Savvy provides Australian consumers with free access to their Experian credit score, a summary of their credit file, and a marketplace of credit products.
View the infographic here.
 Data from Experian Australia Credit Services, 31 December 2015.
 ‘Beyond Our Means’, Bankwest Curtin Economics Centre, (Page 14), June 2015.
 Reserve Bank of Australia, Credit and Charge Card Statistics C1, January 2016.
 Based on a balance of $2,000 and assuming your repayments are the greater of 2% of the closing balance or $20.
Source: Credit Savvy Australia