Credit Card Debt On The Rise Across Australia

Make no mistake credit cards can be really useful as long as you don’t fall in to the trap of living above you means. Australians owe $49.8 billion dollars on credit cards according to the RBA. The Average credit card holder has a $3321 debt and still mounting.

So why are Australians the world leaders in credit card debt? Well it may something to do with the higher cost of living that is hitting Aussie households each week.

So with Australians owing almost $50 billion on credit cards and spiralling living costs continue to force them to put everyday expenses and even mortgage repayments on plastic what can happen if you start to drown in credit card debt?

Well with credit so easy to come by and the Reserve Bank of Australia stating that the national credit card debt has climbed 42 per cent in the past five years to $49.8 billion amounting to $36 billion in accruing interest it appears not a lot can be done.

Even the experts are stunned with figures showing the average credit card debt of $3321 that’s a $2.87 billion increase.
The part that is most concerning is if we dare to compare our position with the US. So lets take a look at Australia’s position on the debt leader board to the U.S. Each Australian adult is currently in debt to the value of around US$56,000, compared to the debt of American adults of US$44,000. Australians’ mortgages, credit card debt and personal loans total over AU$1.2 trillion, which is an increase of 71 per cent from just five years ago.

People wake up we will all drown in debt if we don’t act now, do not let credit card debt stress you out or depress you any longer talk with and insolvency specialists today from Insolvency Professionals the trusted name in Insolvency and debt related matters.

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