Credit card

 

 

Over at the RBA website you can pick up some really interesting statistics.

Australian credit card debt to January 2014 was at a lazy $49 billion. But some of this is people using their card as a payment tool and repaying the debt before paying interest (which is why the total debt, somewhat counter-intuitively goes down after Christmas in many years).

Still, there was $35 billion accruing interest. At a minimum repayment of 2.5%, that’s $875 million each year!

June 2014 update

Well we still have $49 billion outstanding, but we’ve shaved about $250 million off the collective balances that are accruing interest, that’s a great achievement!