In an increase of nearly 45% in five years, credit card debt in Australia reached $49.4 billion. It is believed that many Australians are maxing out their credit cards in a bid to keep up with escalating living costs. The number of credit and charge card accounts will soon reach 15 million with an average debt of $3322 per card. Despite the growing debt, research suggests one in three people still plan to use their cards to buy something they could not otherwise afford in the next financial quarter. 30% of people also expect to have difficulty repaying the money, while half of low-income earners have a credit card.
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