Both high-income earners and the unemployed are accumulating high levels of credit card debt, but we're getting better at paying it off, new data suggests. How do you operate your credit card? Comment below. Do you pay it off each month, do you pay the minimum or do you struggle to reduce the balance?
One in five Australians (20 per cent) earning between $101,000 and $150,000 per annum now own three or more credit cards and hold an average of $5,978 in credit card debt, according to a finder.com.au survey of 2,085 Australians.
The survey revealed that the average credit card debt is $4,268, with the level of debt accrued generally rising with income.
Do you have a credit card? If you do what do you use it for? My husband and I have a credit card, our rule was never to put every day, household items onto it. Milk, bread, petrol - to keep it for emergencies. Like, when the kids fall off the swing and break a bone (not that they have done that.... yet!). With the price of everything rising, we have found we have come to rely on our credit card more and more.
Who else find they are in the same boat?
If you are struggling with everyday life and are struggling to achieve your financial goals, contact us our Advisors maybe able to help you achieve your financial goals and break free of credit cards.
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