13.36 million credit cards in circulation in Australia: study

Credit cards contributed about AU$18.6b in national debt due to accrued interest.

As of April, about 52.84 million credit and debit cards have been issued to Australian individuals, according to financial comparison site Finder.

Of the total, 13.36 million credit cards are in circulation in Australia. This contributed to a national debt of AU$18.6b in accrued interest.

Credit card usage is a prevalent aspect of many Australians' daily financial routines, while some individuals have experienced significant debt burdens due to past mistakes, Finder said.

The average credit card balance of an Australian was AU$2,998, whilst the average balance costing interest stood at AU$1,395.

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The results also showed that the average number of items purchased monthly using a credit card was 23, whilst the average credit card purchase was AU$112.

On the other hand, the total number of debit cards in circulation are 39.48 million with an average monthly purchase of 22 items. Purchases through debit averaged AU$49.56.

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