A recent report by banking and insurance comparison website Mozo shows that Australian credit card holders are still feeling the repercussions of their generous spending over the festive season. Four in ten cardholders reported inflated credit card balances or decreased personal savings as a result of their Christmas overspending.
The findings show that Australian cardholders spent a total of $26.8 billion in December – an 8% increase from the previous year. Mozo reported that while 40% of Gen Y’s had dipped into their savings during the Christmas period, the biggest culprits were 25-44 year olds.
Currently, the average amount of credit card debt per Australian cardholder is $4,697.
Unfortunately, 20% of these Australians have been unable to bounce back, and are now struggling to pay their regular household expenses. 15% report that they will need half a year to pay back their debts.
Some ways to lower your credit card debt include taking out a personal loan with a lower interest rate, or only taking out credit cards that offer 0% interest on transferred balances and new purchases.
If you are struggling to pay back your debts on time, Get Debt Free (GDF) can help. GDF helps people solve their debt problems, no matter how hopeless or serious their situation appears. At GDF, our team of licensed and registered insolvency specialists can provide expert advice on any personal debt case.
Our qualified insolvency practitioners can conduct a free assessment on your debt situation to help identify the options available to you. From there, we can help identify which solutions would be most suitable to help you in your debt recovery process.
Whether you need to negotiate your debt amount with a Debt Agreement or Personal Insolvency Agreement, or in the worst case scenario, file for bankruptcy, Get Debt Free can make the process less stressful. Give us a call today on our toll free hotline at 1800 981 070 or fill out our online enquiry form, and we will get back to you at a time that suits you.
Whatever your situation, Get Debt Free will provide helpful, impartial advice and recommend the best way forward for you.