Australians rack up record credit card spending as growing numbers struggle to pay off debt

Reserve Bank statistics show the national credit card debt sits at $17.8bn, up $236m in December 2024 alone

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Australians racked up a record $28bn in personal credit card transactions in December, according to new data, leaving many households unable to clear debts and paying extreme interest charges.

The Reserve Bank statistics, analysed by financial comparisons site Canstar, show that Australians are struggling to clear purchases made on credit more than ever before amid persistently high living costs.