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2007
One-third of credit card debt accrued over Christmas
Wednesday February 10, 2010
The silly season may be over but many of us are still paying the price now - and will be for the next few months according to a recent survey.
For most Australians the average credit card debt balance sits at around $3,200, with approximately $1000 of this charged over the 2009-2010 festive and holiday season.
Many Australians are now reporting that they intend to repay these debts off over the first three months of 2010, despite similar reports showing that many will have to use their credit cards to pay household bills and similar.
According to an exclusive national study commissioned by Aussie many of us are plagued with paying off high fees on our credit cards while still maintaining a healthy expenditure habit on our cards. In fact the survey showed that:
- 29.1 per cent said they spent up to $2,500 over December break
- 19.9 per cent spent between $2,500 and $10,000
- Most are paying around 16 to 20 per cent interest on their purchases
When it comes to repayment expectations it appears as if most people are quite optimistic although men are far more relaxed when it comes to repayments than women with one third of female respondents stating that they thought the debt would be "somewhat hard to very hard" to pay off and will cut other costs to repay on time.
Further results showed that the repayment expectations were:
- 78.5 per cent of respondents believed all debt would be clear within three months
- 9.7 per cent estimating three to six months
- 11.8 per cent believing they would not clear their balance until the second half of the year
