Young Aussies love their credit cards

Young Aussies, sometimes called Generation Y, are "credit crazy" and spending up big according to one recent survey.

Australians are now taking on debt earlier in life, with Australians aged under 25 years four times more likely to get a weekly cash advance from their credit card than were their parents’ generation.

56 per cent of Generation Ys with a credit card didn't have a nil balance on their card in the last year, and 63 per cent were not aware what interest rate they were paying.

34 per cent of people under the age of 34 had applied for a credit card online in the last six months.

Source: Banking Day