Wealth-sucking, high-interest debt on credit cards fell for 12 straight years until late 2023, and now households need help.
The latest Reserve Bank of Australia credit card figures show credit card balances accruing interest have jumped from $18.1bn to $18.6bn since November 2023, reversing a long-running trend where this type of debt had halved in the previous 12 years.
While credit card debt is okay when repaid within interest-free periods, if left unpaid it slugs cardholders with…
