Australia’s post-Christmas credit card debt is $397 million

Posted: 30 January 2017 9:42 am

Post-christmas credit card debt

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 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 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.

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Picture: Shutterstock

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