Credit card debt to jump 2% in January
Credit card debt will jump 2% in January, following a Christmas consumer spending binge, financial comparison website Rate City predicts.
It predicts credit card providers will earn an extra $10.7 million in credit card interest payments over January.
It says the average credit card interest rate is around 17%.
“On average, January is the month where Aussies stack on the most credit card debt and it’s a good bet they’ll be higher again in January 2014 – for a start, there are over 200,000 more credit cards on issue than there were last Christmas,” Alex Parsons, chief of RateCity.com.au says.
“Interest rates on credit cards remain very high at around 17% on average, and range up to 22.99%, so consumers who carry debt should look at switching to get a better deal.”