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 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.”

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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