'No time like present' to tackle credit card debts

With Australian Day behind them, now is the ideal time for many Aussies to stop celebrating and get to grips with their finances.

One way this could be done Delia Rickards, senior executive leader for consumer and retail investors for the Australian Securities and Investments Commission (ASIC), claims is being getting a tight rein on credit card debts, News.com.au reports.

Although such a form of credit is one of the easiest ways to borrow, it is also claimed to be one of the most expensive, as the publication states that a debt of $1,000 charging a typical interest of 18 per cent could take up to 13 years to pay off should only the minimal monthly payments be made.

"Consider your finances as part of your resolutions for 2009 and see what progress you can make in a year," the ASIC executive leader states.

Ms Rickards adds that implementing small changes could make a "big impact on your finances, especially during tough times".

This could be particularly useful after a number of social welfare agencies in Ballart are bracing themselves for an increase in those Aussies looking for help managing their credit card bills in the wake of the festive season.