Many consumers manage their credit badly

One in five consumers pays only the minimum monthly payment required on their credit card accounts, according to a new survey.

Credit reporting and information services company Experian found that Australians have some strange practices when it comes to managing debts.

A survey of 1000 consumers revealed that five per cent of the people who were only paying the minimum on their credit cards were putting extra cash into a savings account at the same time.

Nineteen per cent said that having a large number of credit products had a positive impact on their creditworthiness.

Thirty-three per cent of respondents said they were "nervous" about their ability to access and manage credit.

Experian's managing director of credit services, Andy Sheehan, said there was a lot of misunderstanding about saving, superannuation and managing credit.

"According to the research, 65 per cent of people incorrectly believe that contributing to superannuation or saving money can have a positive impact on their credit score," Sheehan said.

Compared to consumer behaviour in other markets, Australians do little to manage their credit profiles.