Australia’s post-Christmas credit card debt is $397 million
3 million Aussies owe $1,666 each in credit payments.
Christmas has come and gone once again but for more than 3 million Aussies the financial sting of the festive season is just beginning, with a combined $397 million in interest debt.
A finder.com.au study of new data released by the Reserve Bank of Australia (RBA) found Australians borrowed an estimated $28 billion on credit cards in December 2016.
The study surmised Aussies spent $9.8 billion of these acquired funds on Christmas gifts alone.
This averages out to approximately $1,666 in required repayments per credit card.
A separate survey found over two-fifths of Aussies return from summer holidays with credit card debt.
Aside from North Americans, Australians are the most impulsive online shoppers. More than a third of Australians (35%) make same day online purchases, the second-highest conversion rate globally.
Earlier this month finder.com.au analysed the difference between rewards and non-rewards credit cards.
Despite their complimentary extras, financially, rewards card customers were found to be $625 worse off.
Millions of Aussies save their credit card details online but would you trust an online store with yours?
A balance transfer credit card moves your existing credit balance onto a new card with a lower rate.
Compare a variety of different credit card options before deciding on the right one for you.
- Why “no interest” credit cards are really “monthly fee” cards
- CBA announces zero interest credit card CommBank Neo: How does it compare?
- NAB StraightUp: How credit cards are changing in a buy now pay later world
- 8 personal finance habits to get more out of life
- How to make the most of American Express Shop Small in 2020