NSW: Warnings not to overspend at post Christmas sales=2

AAP General News (Australia)
12-26-2000
NSW: Warnings not to overspend at post Christmas sales=2

The Australian Consumers' Association (ACA) said credit card debt was likely to explode
during the January sales.

"We're certainly concerned we're going to see an explosion of credit card debt again
over the January sales period," ACA spokeswoman Louise Petschler told Sky News.

"We are facing a real credit crunch in Australia, our levels of indebtedness are growing
to a point that are really unsustainable and a lot of people are going to face some real
hard times because of credit card purchases."

Ms Petschler said Australians owed more than $16 billion on credit cards.

"If you are purchasing on credit you may in fact be overcommitting yourself and end
up paying a very expensive cost for what seems to be a bargain when you're initially in
the store," she said.

AAP sal/mg

KEYWORD: XMAS RETAIL CREDIT 2 SYDNEY (REOPENS)

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