Australians rack up record credit card spending as growing numbers struggle to pay off debt Reserve Bank statistics show the national credit card debt sits at $17.8bn, up $236m in December 2024 alone.
The December credit card statistics, released on Friday, showed that “debt accruing interest” on personal credit cards increased by more than $236m from the previous month to $17.8bn, according to Canstar.
“With the value of credit card transactions also hitting a record high in December, the national addiction to credit card debt is likely to get worse before it gets better.”.
Australians racked up a record $28bn in personal credit card transactions in December, according to new data, leaving many households unable to clear debts and paying extreme interest charges.
“Credit card debt accruing interest is on the rise on the back of pre-Christmas spending in a cost-of-living crisis,” said Canstar’s data insights director, Sally Tindall.
