Australians put a record number of purchases on credit cards in the month of June, making 301 million purchases on plastic, according to Finder analysis of Reserve Bank of Australia data.
Those purchases cost a massive $34 billion, marking an 8.4 per cent increase on Aussies’ monthly credit card spending over the past year.
The country’s total credit is now at $40.5 billion, Finder has calculated.
Finder credit card expert Amy Bradney-George has warned Aussies to be cautious of putting items on credit.
“We’re seeing an overreliance on credit as people struggle to manage the cost-of-living crisis,” she said.
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“Emergency savings have been wiped in some households and expenses feel out of control.
“Consider transferring your outstanding balance to a zero per cent interest balance transfer card and aim to make purchases only using a debit card until you can dig yourself out of the red.”
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Bradney-George further urged credit card users to focus on what is affordable for them instead of spending unnecessarily.
“If making repayments is difficult or causing stress, contact your bank or lender to discuss solutions,” she said.
“You can also get free financial counselling by calling the National Debt Helpline on 1800 007 007.”
