Aussies renew love affair with debt

Private debt rose by 2 per cent to $23,461 a person in the March quarter, according to the Australian Bureau of Statistics, with credit cards and mortgages the main culprits.

According to the Reserve Bank, Australians owed a record $49.4 billion on credit cards in May.

Just over a quarter of all household spending is now financed by credit-card debt. And the average mortgage is nudging $300,000 nationally but people in capital cities often borrow much larger amounts.

Source: Sydney Morning Herald