ASIC launches credit card debt clock

06/03/2012

ASIC today announced its MoneySmart website has a new debt clock that shows the credit card debt in Australia. Check out the clock at www.moneysmart.gov.au.

Credit card debt peaks in the first quarter of each year after Christmas spending. At a typical interest rate of 15 to 20% the average person is paying around $800 in interest per year, much more than that for some people.

MoneySmart’s Delia Rickard said: “There are a million things you’d rather spend $800 on than credit card interest. Start working off the interest now so you can spend that unseen money on things you really want.”

Source: ASIC