Household debt up, credit card debt down
Household debt compared to household income continues to rise in Australia and has reached 170 per cent, amongst the highest in the world. Credit card debt fell $700 million in January to $33.5 billion as families consolidate debts. Consumers spent a record $16.17 billion on credit cards in December and $1 billion in cash advances. One million extra credit cards came into circulation during 2005. The average balance per card was $2,656.