And the driving force behind the change is expected to be Schredit Card, an innovation designed and introduced to the market by Peter in recent months.

Peter says Schredit Card will show consumers and, in fact, credit card providers that there is a better way to pay off your credit card by simply changing your banking habits.

As someone heavily involved in the home loan scene Peter believes the time has come for the way banks, in particular, manage credit cards.

He says that Australia’s national credit card debt has reached $44 billion and while the Federal Government wants us to save for the future the fact remains that only one in four credit card holders pay off their credit card each month, and yet more credit cards are being pushed onto the market by lenders.

“We need a solution to assist consumers in meeting their credit cards debts more effectively,” he says.  Further, he suggests, that just as deregulation of the banks years ago resulted in more competition some non bank lenders educated consumers how to pay their mortgage faster by salary crediting and using their income more wisely.

“Now Schredit Card will do the same by offering card holders better ways of managing their money with a saving of up to and more than 18 per cent in interest,” Peter says.  He also suggests that most consumers normally pay their credit card when the bank statement tells them because it is the way we are conditioned.

Schredit Card, however, will demonstrate that you can pay off your credit card in 90 days, and even while you are using it, he says. For example, Peter adds, take the example of a card holder on an income of $45,000 a year who has a $5000 credit card balance. By paying it off in 90 days they will finish up $540 in the black and they will also be earning interest, not paying it.

World wide interest 

Peter says that since he developed his website – schreditcard.com – he has had some 18,000 hits on the site already.

Noted political commentator, financier and business guru Paul Clitheroe has asked to meet Peter in the near future to discuss in greater detail the Schredit Card alternatives.

Peter has also talked with the Federal Government’s treasury department about his idea, and is awaiting an outcome. He admits the banks won’t like investors moving towards Schredit Card as credit card debt is a huge profit maker for them.

“Schredit Card is not rocket science,” he says “but any process or product that can put people in a position where they can save for their future must be considered positive.”

You can see for yourself the savings that can be made by tuning in to www.schreditcard.com. The site provides simple examples of the savings that can be made and offers you a calculator to help work out for yourselves the savings that are available.