Aussies still love debt

Household debt remains on target to reach $1 trillion by the end of the calendar year. In the past three months alone, household debt increased by $42.57 billion – the largest jump in any three consecutive months on record.

This combination of increasing household debt and declining credit card balances is contributing to a rapid decline in the proportion of total household debt made up by credit card outstandings which fell for the fifth consecutive month in July down to 4.64% – its lowest point since 2000.

Source: MasterCard