--- title: The Effects of Credit Card Debt description: With more than 15 million cards in Australia, Aussies have racked up an impressive $50 billion credit card debt. The average balance owing on each card is $3,333. If you own one or more credit cards, you would know all too well the long term commitment you will need to make to pay that debt down. image: https://lanyana.revivefinancial.com.au/hubfs/The-effects-of-credit-card-debts.jpg --- [![DR-Logo---Powered-by-RF-(2021)-137x60px](https://lanyana.revivefinancial.com.au/hubfs/DR-Logo---Powered-by-RF-(2021)-137x60px.png)](https://debtrescue.com.au) Menu [Apply Online](https://solutions.debtrescue.com.au/online-assessment-form) [1800 003 328](tel:+611800003328) 1800 003 328 - [Recent Articles](https://solutions.debtrescue.com.au/articles) - [Debt Consolidation](https://solutions.debtrescue.com.au/articles/tag/debt-consolidation) - [Debt Agreements](https://solutions.debtrescue.com.au/articles/tag/debt-agreements) - [Informal Agreements](https://solutions.debtrescue.com.au/articles/tag/informal-agreement) - [Debt Relief](https://solutions.debtrescue.com.au/articles/tag/debt-relief) - [Bankruptcy](https://solutions.debtrescue.com.au/articles/tag/bankruptcy) - [Budgeting](https://solutions.debtrescue.com.au/articles/tag/budgeting) - [Business Debt](https://solutions.debtrescue.com.au/articles/tag/business-debt) - [Credit File](https://solutions.debtrescue.com.au/articles/tag/credit-file) - [Education](https://solutions.debtrescue.com.au/articles/tag/education) - [News](https://solutions.debtrescue.com.au/articles/tag/news) - [Research](https://solutions.debtrescue.com.au/articles/tag/research) - [1800 003 328](tel:+611800003328) Talk to a Professional Apply Online [1800 003 328](tel:+611800003328) Call Now # The Effects of Credit Card Debt Posted by [Debt Rescue](https://lanyana.revivefinancial.com.au/articles/author/debt-rescue) on Mar 24, 2012 1:35:00 PM - [Tweet](https://twitter.com/share) [![The-effects-of-credit-card-debts](https://lanyana.revivefinancial.com.au/hubfs/The-effects-of-credit-card-debts.jpg)](https://lanyana.revivefinancial.com.au/articles/the-effects-of-credit-card-debt) With more than 15 million credit cards in Australia, Aussies have racked up an impressive $50 billion credit card debt. The average balance owing on each card is $3,333. If you own one or more credit cards, you would know all too well the long term commitment you will need to make to pay that debt down. Credit Card Debt is one of the most problematic debts you can have because it is easy to accumulate and hard to pay down. Thankfully, there are some things you can do to fast track paying off your credit card debt. ## Why is Credit Card Debt So Hard to Pay Off? Credit cards are too good to be true. They allow you to purchase something you can't afford and pay it off over time. And in most cases the minimum repayments are so affordable you won't even miss $50 a month. But that's where you are wrong. The minimum repayments on your credit card are usually only enough to cover the interest your card is accruing. Which means the balance on your card is increasing faster than what you can pay off. In fact, recent RBA figures show people who make a purchase on their credit card in 2013 will still be paying it off in 2037. ## Getting Out of Debt, Fast If you don't want to hang on to your credit card debt longer than your mortgage, there are some things you can do to legally eliminate credit card debt. The first, and easiest way to get rid of your credit card debt is to consolidate it. If that doesn't work, you can always look at a Debt Agreement or Bankruptcy. You might want to do the card credit debt settlement yourself but it is always advisable to have a professional to back you up. ## Debt Agreements A Debt Agreement is when you renegotiate the terms on the debts you owe to your creditors and come up with a new repayment arrangement. If you have several credit cards that have all maxed limits and you are struggling to make even the minimum repayments on each, a Debt Agreement is one of the best Credit Card Debt Solutions for you. A Debt Rescue Case manager will assess your situation, and if he feels a Debt Agreement is right for you, he will set to work on negotiations with your creditors. He can reduce the overall debt you owe and pause your interest and charges to help you repay what you owe without being hassled and hounded by debt collectors. He can even point out to you the law regarding credit card debt. ![Is-Your-Business-In-Financial-Distress](https://lanyana.revivefinancial.com.au/hubfs/DR%20Blog%20CTA%20Banner%20-%20Debt%20Agreement.gif) ## If You Have Credit Card Debt, Debt Rescue Can Help Credit card debt can easily spiral out of control. If you need help getting your repayments back on track, the best thing you can do is reach out and ask. Debt Rescue Case Managers deal with stressful debt situations every day and have the knowledge and experience to know exactly what to do. For help with credit card debt or for more information, pick up the phone and Talk to an Aussie Who Cares. Contact Debt Rescue today. Topics: [Budgeting](https://lanyana.revivefinancial.com.au/articles/tag/budgeting), [Debt Relief](https://lanyana.revivefinancial.com.au/articles/tag/debt-relief), [Credit Card Debt](https://lanyana.revivefinancial.com.au/articles/tag/credit-card-debt) ## More Articles - Recent Articles - Debt Consolidation - Debt Agreements - Informal Agreements - Debt Relief - Bankruptcy - Budgeting - Business Debt - Credit File - Education - News - Research ### Subscribe Here! ### Get the Latest Debt Free and Budgeting Advice straight to Inbox Free ### Recent Posts ### If you are in too deep with debt, we here to rescue you. We have the right solution for your situation. Contact us today. No obligations, just solutions! ## Talk to an Aussie who cares. 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Liability limited by a scheme approved under professional standards legislation. ## What Kind of Debts Do You Have? ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Credit-card-icon.png) Credit/Store Card ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Personal-loan-icon.png) Personal Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Pay-day-loan-icon.png) Pay Day Loan ![](https://debtrescue.com.au/wp-content/uploads/2020/11/tax-debt-icon-green.png) Tax Debt ![](https://debtrescue.com.au/wp-content/uploads/2020/11/Unitilties-Icon.png) Utility Bill ![](https://debtrescue.com.au/wp-content/uploads/2020/11/other-icon.png) Other Please select at least one type of unsecured debt. Next ## How Much Money Do You Owe? $10,000 $1,000 $100,000+ Next ## Find Out How To Reduce Your Debt ### Your First Name ### Your Last Name ### Your Email ### Your Phone Phone number must be 10-digits long and begin with a 0. 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