Aussies spend $17K on their credit card every year

Consumers are spending more on their credit and charge cards but, in general, Aussies are keeping their card debt in check.

The Reserve Bank of Australia reports that consumers spent A$22.9 billion on their credit and charge cards in May – an increase of 7.2 per cent over the previous month.

Annual spend per Australian credit card in the 12 months to May was $17,933, which was $13 above the result for the 12 months to April.

But balances accruing interest have fallen by 1.7 per cent since the start of the year. The average credit and charge card balance was $3236 in May and the average credit limit was $9275.

Source: Banking Day