Powered by MOMENTUM MEDIA
subscribe to our newsletter

Credit card usage sees 79% surge

Alarming statistics have revealed that credit card ownership is reaching saturation levels in Australia.

A combined analysis of the credit card market by comparison website finder.com.au and the Reserve Bank of Australia found that there are approximately 16.3 billion credit card accounts across the nation – equivalent to 90 per cent of the population, and up 31 per cent from a decade ago.

Ninety per cent of people aged 18 and over own a credit card – up 79 per cent from 10 years ago.

The research also found that Australians amassed $32 billion in credit card debt that was accruing interest in December 2015 – up 34 per cent from the 10 years prior. Credit card limits rose 61 per cent to $148 billion over the 10-year period.

“This rise in credit limits has outstripped any rises in the cost of living over that period of time, with the consumer price index only increasing 25 per cent since December 2005,” Bessie Hassan, consumer advocate at finder.com.au, said.

Advertisement
Advertisement

PROMOTED CONTENT


“The rise of credit cards has been fairly phenomenal – there may come a time when they outnumber people.”

[Related: Credit card providers are exploiting consumers, says Flavell]

Credit card usage sees 79% surge
mortgagebusiness

Latest News

Australian buy now, pay later giant Afterpay is set to be acquired by a San Francisco payments fintech, in a deal worth approximately $39 bi...

There has been sustained robust growth in home lending driven by strong owner-occupied lending and faster growth in investor housing, accord...

The prudential regulator has launched a week-long consultation on its regulatory approach for banks offering temporary financial assistance ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.