Another month, another card debt record

Australia's total credit card debt topped $41 billion for the first time at the end of July, an increase of $256 million from the previous month. The ratio of debt to income also reached a new record of 161.3 per cent in the quarter to the end of June, according to data from the Reserve Bank of Australia. Unchanged from the previous quarter was the 11.9 per cent of our disposable income that is committed to meeting interest payments.

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