The 14 million credit card users in Australian could be saving money if they made use of balance transfers and low rate credit cards . The average outstanding balance is $3,142 according to the Reserve Bank of Australia.

If the average credit card balance is $3,142 and the average interest rate, the interest could be costing you up to $45.00 a month. This could drop to $32.00 a month if you were using a low rate credit card. (more…)