Household card debt balloons

Credit card debt hit yet another record in July with the average debt on each credit and charge card standing at $2,284, according to Reserve Bank figures. This means the average card debt per household has almost trebled from $1,601 in 1996 to $4,643 in July. The July total of $24.6 billion outstanding card debt was up $273 million on June. Each Australian household has on average two credit or charge cards with 69 per cent holding at least one.