Credit card debt clock
Clock is ticking on credit card
This clock shows how much Australians owe on credit cards.
With around $32 billion owing,
that's an average of around $4,300 per card holder.
The level of credit card debt can go up or down depending on
what the trend is on a monthly basis.
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
See our credit card calculator to find out how much money you
can save by paying more off your cards. The calculator also
shows how long it will take to pay off your credit card if you
make only the minimum repayments.
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
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
- Stop adding more debt to your credit card
- Pay more than the minimum repayment - even an extra $50 per
month will make a big difference
- Set up a direct debit to pay a fixed amount off your credit
card balance each payday
- If you have more than one card, pay off the one with the
highest interest rate first or tackle the one with the smallest
For more tips see smart ways to use your
Paying off your credit card should be your top
priority. Start today!
Last updated: 23 Sep 2016