It has been recently reported that in australia, “…. On average, Australians spend $14,310 a year on their cards, with an average monthly balance of $2775.”
This is a disturbing trend for a number of obvious reasons, the weekly average household disposable income in Australia is $542. This equates to $2168.
This is truly dire news meaning that on average households are increasing their credit card debt by about $607 per month. Or for more impact that’s $7284 in additional debt yearly.
I find this incredible in a time where supposedly the average wealth of australians is ever increasing. Sure the assets maybe increasing in value but unfortunately if you don’t have sufficient cashflow then you can’t put food on the table.
I will analyse this situation further in coming posts.
Financial Knowledge is the key to Financial Prosperity