Online shopping contributes to increased credit card debt

A peak in online shopping in the build-up to Christmas has resulted in many more Aussies sitting on large amounts of credit card debt.

Figures have suggested that eight per cent of all credit and debit card transactions in the first 15 days of December were attributed to online retailers, reports.

According to director at MyBudget Tammy May, there was an "unprecedented jump" in internet sales last month and many credit card holders will be paying the price for their lavish spending well into 2012.

She told the news provider that her firm has seen a sharp rise in the number of people seeking debt advice this month when compared with previous years.

"It's not just buying the Christmas presents; it's the food, the travel and all the extra things we do at Christmas that really impacts on our financial position for months afterwards," she commented.

Statistics published by the Reserve Bank of Australia recently indicated that levels of credit card debt across Australia have now surpassed the $50 billion mark for the first time ever.

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