Australian credit card debt has surged to AUD50.9bn, with over $5.5bn p.a.being paid in credit card interest alone. Furthermore, data reveals that credit limits on cards in the country have climbed 4% in just 12 months. Experts have warned against splurging on credit cards to avoid paying crippling levels of interest, and using an extra 1.5 million credit card, which may result in more fees and spiralling debt issues. This follows our reports highlighting that US and UK credit card debt are also heading for dangerous levels, fuelling concerns of credit bubbles.
Australian credit card debt has surged to AUD50.9bn, with over $5.5bn p.a.being paid in credit card interest alone. Furthermore, data reveals that credit limits on cards in the country have climbed 4% in just 12 months. Experts have warned against splurging on credit cards to avoid paying crippling levels of interest, and using more than one credit card, which may result in more fees and spiralling debt issues. This follows our reports highlighting that US and UK credit card debt are also heading for dangerous levels, fuelling concerns of credit bubbles.