Every Australian will rack up an extra $3342 in debt, on average, over the Christmas period – and experts say it’s time to calm down.
The predicted $56 billion in credit card debt is an extra billion dollars on top of last year’s spendings.
Canstar spokesman Steve Mickenbecker has warned the dangers of credit card debts that can’t be paid off in full, news.com.au reported.
“Back in 1996 Australians spent only $3 billion on their credit cards in the month of December,’’ he said.
“Fast forward 20 years to December 2016 and we are spending more than nine times that at $28 billion.
“If you do you use the credit card this Christmas then set a payment plan to make sure you pay down the debt as soon as possible and aren’t stuck with interest charges on the leftovers.”