Aussies' credit card debt reaches record high

By Mozo ·

The amount of credit card debt racked up by Aussies has reached a record high of more than $50 billion, according to statistics released by the Reserve Bank of Australia today (January 12th).

Figures showed that this huge sum was surpassed in November 2011 and spending levels are expected to be even higher when the next batch of results are published, as the busy Christmas shopping period will be taken into account.

There are 15 million credit cards in circulation across the country, meaning the average debt on each piece of plastic is in the region of $3,333.

Vice-president of strategy and corporate affairs at MasterCard Australia David Masters told the Sydney Morning Herald that the huge overall debt is unsurprising.

"As the Australian economy has steadily grown over the past decade, it's logical that credit card balances have, to a degree, tagged along for the ride," he remarked.

The figure of $50 billion is significantly higher than calculations made by the Australian Prudential Regulation Authority, which believed debt levels to be at around $40.6 billion in November, News Limited reported.

Have a question about credit cards? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801262843-ADNFCR