'Plenty of tools available' to get credit cards under control

Aussie credit card holders need to be aware that there a number of means that can help them to get to grips with their borrowing.

Writing in Loaded - the weekly column in Lifehacker - Angus Kidman points out that for those struggling with managing their credit cards "there are plenty of tools you can use to cut down costs".

One means of this, he claims, is by taking the time to search for a new credit card which offers a more competitive deal, whether this is through providing a lower rate of interest or other features.

And while Mr Kidman acknowledges people may view getting rid of their cards entirely as helping them to control their money, he reminds Aussies that having a credit card can be a useful possession if they are away travelling.

Furthermore, credit card holders are urged to ensure they are not lumbered with debt that is not theirs by ensuring they do not become a victim of credit card fraud.

Indeed, Dr Philip Lowe, assistant governor for the Reserve Bank of Australia (RBA), recently called for card providers to do more to improve their online payment systems to help reduce instances of credit card fraud.