Australians paying billions in avoidable credit card fees

Nearly one in three Australian credit cardholders have never reviewed their card's interest rate, fees or features, resulting in an estimated $1.6 billion in extra charges annually. Australians collectively owe $19.6 billion in credit card debt attracting interest charges, costing $3.4 billion per year at an average rate of 18.5%. Switching to cards with rates under 10% and zero annual fees could save individual cardholders with $5,000 debt almost $500 annually, with 11 providers currently offering cards with no fees.

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