At present, each Australian has an average of more than A $3000 in credit card debt.
Australia's credit card line is growing at an annual rate of its highest rate in nearly eight years, the Daily Mail reported. At present, each Australian bear an average of more than A $3000 in credit card debt.
According to (Australian Securities and Investments Commission), Australia's Securities and Investment Commission, 1 / 6 of Australia's consumers are in a "credit card debt trap" and 18.5 percent are under credit card debt pressure.
In the past year, the average Australian has a credit card debt limit of A $3251.30, up A $56.4, or 4.1 percent, to a seven-and-a-half-year high.
Economists point out that slow wage growth increases financial pressure on households.
The Securities and Investments Commission of Australia has recommended tightening credit card-related measures, saying banks should limit the maturity of credit card debt to three years. In addition, the agency warned consumers to avoid unsustainable debt levels.
It is reported that in May, the average limit of Australian credit cards was A $9457.80, down A $8.1a. But the quota has risen 4.5% over the past year.
At present, Australia has sixteen million eighty four thousand credit card accounts, with 34.4% credit card line usage in May, with 15 transactions per account completed through credit cards and 14.6 debit cards.
Economists at (Commonwealth Bank), the federal bank, said credit-card debt limits were manageable for most people, and many users would pay their cards in a timely manner to avoid being charged interest.
Users use credit cards primarily for transactions, not long-term loans.