Aussies urged to address credit card debt

Aussies have been urged to take action in order to stop their levels of credit card debt from spiralling out of control.

According to the Australian Prudential Regulation Authority, household credit card loans reached a record-high $40.6 billion in November, News Limited reports.

Executive director at Financial Counselling Australia Fiona Guthrie stated that this figure is likely to be even higher in the aftermath of the festive season.

She said it is extremely stressful to have credit card debt hanging over you and Aussies should do all they can to clear their arrears as much as possible.

"You might need to reassess your spending habits; you might need to look at whether there are ways to increase your income, selling assets," she was reported as saying.

Ms Guthrie also warned Aussies to be wary of "shortcuts" such as companies offering loan consolidation services.

A recent study by ING Direct showed that more than one-third of Aussies planned to address their financial problems by attempting to save more money in 2012.

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