Australians’ Credit Card Usage Increasing Alongside Cost of Living Pressures

Visa and MasterCard credit card logos are seen in a store window in Washington, on March 30, 2012. Nicholas Kamm/AFP via Getty Images

Rising living cost pressures have forced many Australian households to dig deep into their credit cards in the past year, sparking concerns about defaults and other negative economic impacts.

According to recent data from the Reserve Bank of Australia (RBA), the total value of credit card transactions reached around $33.5 billion (US$22.38 billion) in January 2023, up 17 percent from a year earlier.