Credit card debt hits $3,500

Thursday 02 April 2009

Article by Mozo

Australians have an average of $3,500 outstanding on their credit cards, claims.

Speaking to the news site, Edith Fink, business development manager of, has warned that while many people tend to think lightly of their credit card spending habit and are quite happy to splash the cash doing a spot of retail therapy, it is more vital than ever that Australians start taking credit card debt seriously.

"People get into a cycle where they use their card to feed their desires or pay important bills but at the end of the month, they only pay back a little bit, not the whole amount," she explained, adding that this can soon land people with hefty credit card debts.

Fellow financial expert Allison Tait agrees and warns in her new book Credit Card Stressbusters that money owed on plastic will just keep mounting up unless people have a plan to pay it back.

The latest figures from the Bureau of Statistics have shown that the love affair with credit card spending was still going strong in February, with plastic transactions reaching near record highs.

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