CreditCardCompare, an Australia-based Web site that enables consumers to review card offers, says it has introduced a debt-calculator service for cardholders. The service enables consumers to enter the debt amount and repayment schedule to estimate how long it will take them to pay off card debt. "Credit card debt is a growing issue," Steven Anderson, head of Research with Sydney-based financial-research company InfoChoice Ltd., tells CardLine Global. "We do not believe that it is out of control, but banking statistics are showing that [card] debt that is not paid off at the end of the month is growing, albeit growing at a slower rate than was previously the case."
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