SMARTER BANKING - MAKE CREDIT WORK FOR YOU

Sydney, 9 December, 2004: The Australian Bankers’ Association (ABA) today launched a new free financial literacy guide – ‘Smarter Banking – Make Credit Work For You’ which contains essential information about credit.

The booklet provides the basic facts about credit – the benefits and pitfalls of different types of credit, the costs of credit, helpful tips on keeping credit under control and what to do if credit becomes a problem.

David Bell, Chief Executive of the ABA, said: “The publication of ‘Make Credit Work for You’ is timely as customers are starting their Christmas shopping and many may use credit to manage their expenses.”

“My advice during the festive and holiday season is don’t get in too deep, because credit card debt, like any debt, carries responsibilities.”

“It’s tempting to overspend at this time of year, so my advice is to work out a budget or what you want to spend including an allowance for meeting your other expenses, like travelling to see extended family.”

This new booklet is the second in the ‘Smarter Banking’ series – the first publication provided information on finding the bank account which best suits you and also builds on a series of new fact sheets published on the ABA’s website.

Mr Bell said: “We will continue to publish this information as part of the banking industry’s commitment to the ongoing strategic priority of helping improve Australians’ financial literacy.”

“The program called “Broadening Financial Understanding” is aimed at helping Australians make informed judgements and effective decisions about the use and management of their money.”

“Empowering people with the appropriate financial skills, knowledge and information ensures they are better placed to make informed decisions about their money and avoid being misled on financial matters.”

‘Smarter Banking – Make Credit Work for You’ is free. It can be ordered from the ABA – simply freecall 1800 009 180 or download from our website www.bankers.asn.au. 

An information booklet on retirement savings, superannuation and choice of fund is the next publication in the pipeline. The ABA is working jointly on this project with the Investment and Financial Services Association and the Financial Planning Association.


For further information:

Dawn Willis
Acting Director, ABA Public Relations 
Phone: 02 8298 0411
Mobile: 0424 616 429

ENDS