RACQ Bank warns Queenslanders against spending surge

Queenslanders have been warned against making reckless financial decisions which could hurt them in the long run, after new figures forecast consumers would spend an additional $1.5 billion more this year.

RACQ Bank spokesperson Lucinda Ross said figures from the Australian Retailers Association and Roy Morgan Research could spell disaster for Queenslanders’ financial goals.

“These numbers are really concerning as we head into the most expensive time of the year,” Ms Ross said.

“With plenty of sales around, people might consider reaching for the credit card, but Queenslanders really need to think about what they can truly afford in the long run.

“We’re urging shoppers to play it smart this silly season, by taking advantage of sales to only purchase items they need and can afford.

“We all know how easy it can be to just tap your credit card, but you could be tapping away at your financial security in the new year by doing so.

“Try and use cash or savings where you can, and remember if you can’t afford to pay for it now, how will you pay for it later.”

For more information about building your spending habits, visit RACQ’s Financial Wellbeing Hub.