Credit card debt clock

Clock is ticking on credit card debt 

This clock shows how much Australians owe on credit cards. With around $32 billion owing,
that's an average of around $4,200 per card holder.

The level of credit card debt can go up or down depending on what the trend is on a monthly basis.

debt clock

More on the debt clock

The average card holder is paying around $700 in interest per year if their interest rate is between 15 to 20%.

What can you do to reduce your credit card debts? 

Find out how much you can save

Our credit card calculator shows how long it will take to pay off your credit card if you make only the minimum repayments.

Find out how much money you can save by paying more off your cards.

Credit card calculator

If you have $4,400 of credit card debt and only make the minimum repayments, it will take you 31 years to pay it off and cost you around $14,900 in interest. But if you pay off $216 each month you'd pay off your debt in 2 years and save $9,700 in interest.

How to pay off your credit card

Whether you just have a few hundred owing on your card or many thousands, here are some simple steps to get you started paying off the debt.

  1. Stop adding more debt to your credit card
  2. Pay more than the minimum repayment - even an extra $50 per month will make a big difference
  3. Set up a direct debit to pay a fixed amount off your credit card balance each payday
  4. If you have more than one card, pay off the one with the highest interest rate first or tackle the one with the smallest debt first

For more tips see smart ways to use your credit card.

More on the debt clock

  • Our debt clock estimates the total amount of debt on credit cards that are accruing interest based on Reserve Bank of Australia statistics. (The figure sometimes quoted is around $50 billion but that figure includes debt where no interest is being charged.)
  • We have used an interest rate of 16.48%. This is the mean of interest rates published on Canstar's website on 11 August 2017.
  • There are 7,765,000 credit card holders (18 years and older) in Australia (Source: Roy Morgan Research, 12 month average August 2017).
  • The rate of change in the clock is based on the average month to month change over the past 2 years, as a projection. 

Paying off your credit card should be your top priority. Start today!

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Last updated: 22 Mar 2018