Aussies get more cards and more debt

Australians applied for 3.5 million credit cards in 2005, up almost 500,000 on the previous 12 months, according to credit reference bureau Baycorp Advantage. Fifteen new credit card products were launched last year, six of which were no-frills products. Many people were transferring their balances to new cards offering zero per cent interest on balance transfers as debt levels swelled.

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