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Credit card calculator

TO help people better manage their credit card debts, the Australian Securities and Investments Commission has launched an online credit card calculator. The calculator, available from ASIC’s consumer website FIDO, has been developed to show people ways of reducing their credit card debt and demonstrate just how much paying more than the ‘minimum payments’ can save. Unlike a standard loan, generally there is no date by which people have to pay a credit card debt off, ASIC said. Consumers can keep borrowing up to an approved credit limit, so long as they make at least the ‘minimum payment’ each month. You can check how long it may take to pay off your card for free with ASIC’s new FIDO credit card calculator at the consumer website FIDO at www.fido.gov.au

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