Could the lower rates flow on to credit cards?
2 September 2008
As the RBA has decided to lower the cash rate by 25 basis points to 7.00% it may be a time for lower interest rates on credit cards again. While those with mortgages are the ones celebrating most, those with credit card debts may also have something to look forward to. As domestic demand looks to be decreasing, people who continue to save may find that their existing debts on credit cards stop growing quite as fast if interest rates on credit cards are reduced as well.
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