Average credit card rates remain at 20%
New laws from July 1 are forcing credit card providers to be more transparent, with the latest Roy Morgan figures showing Australians owe $37.1 billion in credit card debt where interest is being charged an average of $4,852 a cardholder.
The amount owing has continued to grow. Five years ago, the national credit card debt was $28.9 billion.
The Reserve Bank of Australia has cut rates by 125 basis points since November but the average credit card rate has increased by seven basis points.
Many credit card interest rates remain about 20 per cent, so if debt isn't paid off before the interest charges kick in, users end up badly stung.
Source: Courier Mail