Aussies move to slash credit card debt, study shows

A growing number of Aussies are making significant cuts to their levels of credit card debt, with many concerned that an economic crisis is on the horizon.

According to new research conducted by Galaxy on behalf of ING Direct, more than half of Aussie credit card holders are paying off their balance in full each month, reports.

The survey also indicated that 17 per cent of the population does not have a credit card at all, which is up from 11 per cent in the first quarter of 2011.

ING Direct spokesman David Breen told the news provider that people have finally realised that they need to owe less and save more.

"We're expecting this more prudent attitude to continue, we don't think it's a flash in the pan, we think it's a long term trend and it's a positive trend," he remarked.

Earlier this month, figures released by the Reserve Bank of Australia indicated that levels of credit card debt have reached record highs in Australia, with the total amount owed surpassing the $50 billion mark.

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