RBA: Aussies owe an average of over $3k on their credit cards

Monday 16 May 2011

Article by Mozo

On average, each Aussie with a credit card has $3,321 of debt to pay off, according to figures from the Reserve Bank of Australia (RBA).

Aussies 'owe an average of $3k on credit cards'

Data from the central bank showed that across the country, debt incurred on plastic stands at $49.3 billion, reports News.com.au.

It revealed that this represents a 42 per cent increase on the amount owed five years ago.

Debt Relief Australia spokesperson Deborah Southon asserted that the typical family may owe more than the national average, as many have two or more cards.

Those who are struggling to make reduce their debt may want to consider going online to compare credit cards to look for those with an attractive promotional balance transfer interest rates.

Earlier this month, the same news provider reported that Coles is set to trial a system whereby customers can use their credit and debit cards to purchase groceries at drive-through stores.

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