Daily London
It means credit card debt has also risen to $19.7 billion, which experts are warning could become an expensive burden on Aussies if interest rates rise.
“While shoppers were out there nabbing a bargain, if that purchase is still sitting on a credit card it could already have pivoted into an expensive mistake,” Canstar’s Sally Tindall said.
“Anyone who hasn’t been able to clear their November credit card bill in full is now likely to be feeling the heat of interest charges.”
Canstar data found the average Australian is already being charged 18.52 per cent interest on their credit cards, with some exceeding 20 per cent.
However, there are some credit cards which offer much lower interest at around nine per cent.
Tindall suggested Australians should look to switch to a low-rate card.
“While the number of lenders offering rates under 10 per cent are limited, they do exist and they could be a viable option to help limit the damage while you pay off your debts,” she said.
“At a time when every dollar counts, handing that extra money to your credit card provider makes little sense.”
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