Yass Valley residents 'to use stimulus package to repay credit cards'

The money received from the financial stimulus package is likely to be put towards servicing credit card debts.

Although prime minister Kevin Rudd's financial stimulus package was announced with the intention of getting Aussies to spend more in a bid to boost the economy, those living in one part of New South Wales are unlikely to get the tills ringing.

In a Yass Tribune article, Robyn Sykes states: "Not everyone is going to spend their pennies from Kevin."

Rather, she claims that a number of those living in the Yass Valley Way region are likely to use the cash in paying off credit card bills or meeting other financial commitments such as mortgage or overdraft repayments.

Ms Sykes points out that as people get their credit cards and other debts under control they are likely to be less stressed in a financial sense and will - eventually - start spending again more quickly.

Indeed, she claims that some of those in the region will have "the credit card finger twitching", due to the fact that there are a number of bargains available in stores.

However, it is not just those living in New South Wales who will use cash from the stimulus package to sort out their debt.

A recent Hume Star article claimed that many of those in Victoria will put the money towards lowering the debts run up on credit cards ahead of last Christmas.