The total value of credit card and charge card transactions, including cash advances, rose by 9.6% in March this year. Australians spent $18.78 billion on their credit cards and charge cards in March, up from $17.13 billion the previous month.
In February total credit card and charge card balances outstanding fell by 1% to $44.358 billion, from $44.799 billion. The value of cash advances on credit cards and charge cards increased by 7.4% to $1.034 billion in March, from $963 million in February. The number of credit card and charge card accounts increased by 11,000 in March, while the number of purchases using credit cards rose by 13.3%.
Total credit card and charge card balances outstanding rose by 4.3% over the past 12 months, compared with an average of 12.6% over the preceding five years.
Australian Credit Card Debt
Evidently Australians are continuing to fall deeper into credit card debt. In today’s economical climate and with unemployment on the rise debt stress doesn’t look likely to ease anytime soon.
It is important to realise that racking up money on your credit card is only going to create problems for you in the future. For instance, if an unforeseeable incident was to occur, such as illness or job loss most people don’t have an emergency fund set aside. This is where we begin to see unfortunate occurrences such as house repossession over credit card debts of any amount.
If you are finding it hard to make repayments on your credit card, or your credit cards are over their limit, then you need to speak with one of our experienced debt consultants today. Please pick up the phone and call 1300 138 188 or fill in an express enquiry form.
We may have a debt solution that is perfectly suited to you.