Australian Credit Card Debt has Risen

debt consolidation loan

The rising levels of credit card debt in Australia reached record levels in 2011. However, the number of repayments aimed at reducing credit card debt drastically fell.

While facing rising unemployment and a looming recession, Australians cut back on their credit card repayments by 7.1% in February. Australian credit card debt grew by 1.7% to a record $45.4 billion, equating to an average debt of $3,149 for every cardholder in the country.

Rising Credit Card Debt

While the latest Reserve Bank data showed that the growth rate of credit card debt was actually slowing, the expanding gap between spending and repayments is a frightening reality of recessionary periods, CommSec economist Savanth Sebastian said. This is concerning as we are now seeing credit card spending declining, however, the balances owing are still rising due to the interest charges.

It is time that people take control of their finances, rather than letting their credit cards control them. Consolidating debts, balance transfers and repaying cash advances are among the best ways to manage credit card debt.

Receive help with your credit card debt today, and stop the interest from rising. Call the Australian Lending Centre on 1300 138 188 and speak with one of our friendly consultants.

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

what is debt management
Debt Management
Jack Richings

What Is Debt Management?

Ultimate Debt Management Guide – We discuss the difference between good vs bad debt & give tips on how to escape debt. Find out what is debt management here…

Read More
debt free
Debt Consolidation
Jack Richings

10 Steps To Get Out of Debt

As daunting as it may feel, there are ways to escape debt (and it’s easier than you might think). Read our 10 steps to get out of debt!

Read More