41% of Australians have credit card debt and nearly four million can't afford to repay it, says comparison website Finder.com.au
41% of Australians have credit card debt and nearly four million can't afford to repay it, suggests comparison website Finder.com.au
For prospective homebuyers - or indeed anyone checking their bank balance - the post-Christmas period can come as a shock. Australians are returning to work with a credit card debt of $7.5bn, estimates a survey of 2,027 consumers by comparison website Finder.com.au. That translated on average to $2705 of credit card debt per person.
44% of those surveyed failed to pay off their debts within one month, leaving them liable to interest payments which are estimated at $180m over the year That compares to $150m in credit card interest in 2015. Of that 44% the average consumer took 6 months to pay off their debt; however 10% took at least 12 months to repay holiday debts.
Men held slightly more credit card debt than women; $2934 compared to $2418, although men were marginally more likely to pay off this debt in the first month. Generation X respondents held the most debt on average, but Generation Y were more likely to struggle to pay that debt, Finder says.
For prospective homebuyers - or indeed anyone checking their bank balance - the post-Christmas period can come as a shock. Australians are returning to work with a credit card debt of $7.5bn, estimates a survey of 2,027 consumers by comparison website Finder.com.au. That translated on average to $2705 of credit card debt per person.
44% of those surveyed failed to pay off their debts within one month, leaving them liable to interest payments which are estimated at $180m over the year That compares to $150m in credit card interest in 2015. Of that 44% the average consumer took 6 months to pay off their debt; however 10% took at least 12 months to repay holiday debts.
Men held slightly more credit card debt than women; $2934 compared to $2418, although men were marginally more likely to pay off this debt in the first month. Generation X respondents held the most debt on average, but Generation Y were more likely to struggle to pay that debt, Finder says.
