Australian credit card debt has struck a new record high of $50 billion, ballooning by almost a third in the past five years.    

New figures from the Reserve Bank, published today, show outstanding credit card debt topped $50 billion for the first time in November, with $36.3 billion of the total accruing interest.   

With 15 million cards on issue, the average debt has reached about $3333 per card, the figures show.   


The amount of credit card debt owed by Australians has increased sharply over the past decade, blowing out by more than 30 cent in the past five years alone.

However, the use of credit cards has slowed in the past year as consumers grew more cautious. The average credit card balance has edged up by only 1 per cent in the past year.

'Large, round number'

MasterCard said the new high in credit card debt was a "large, round number", but argued that credit cards played a key role in keeping the economy ticking over.

"Total outstanding credit card balances overwhelmingly reflect the spending that consumers and businesses routinely chalk up rather than what they pay interest on," the company said.

"As the Australian economy has steadily grown over the past decade, it's logical that credit card balances have, to a degree, tagged along for the ride as consumers here enjoyed relative shelter from the upheavals that have rocked the economies of the United States and most recently Europe."



Read more: http://www.theage.com.au/business/credit-card-debt-swells-to-record-50-billion-20120112-1pwqe.html#ixzz1jDSdTSPH

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Me either....made that mistake once, never again.....Visa debit card is good enough

No. I am too smart not to have one.   

I like going to the circus and I do look forward to seeing the clowns.  I will keep an eye out for you.   

... wrote on Jan 12^th, 2012 at 3:40pm:


My post did not turn out as intended, I don't know why.

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You couldn't have included Wayne Swan's corporate card in that figure.