Millions of Aussies turning to credit cards amid rising cost of living: survey

| 20.11,23. 01:28 PM |

Millions of Aussies turning to credit cards amid rising cost of living: survey

perks providers customer access
More Australians are turning to credit cards to cope with the rising cost of living, new research has revealed. (Getty)

More Australians are turning to credit cards to cope with the rising cost of living, new research has revealed.

The latest data from Finder found 15 per cent of surveyed Aussies had taken out a credit card in the last 12 months, while 7 per cent indicated they were in the market for one.

According to the findings, at least 6 per cent relied on credit to cover their daily expenses, and 5 per cent said they were looking for a credit card to pay off previous debt.
Finder said the survey of 1063 was equivalent to three million Australians who have taken out a credit card in the last year.
"Credit cards have become a financial crutch for a lot of people who would have previously only used one for emergencies," said Finder credit card expert, Amy Bradney-George.
"Mounting pressure on households is seeing Aussies borrowing money to keep afloat."
The survey found 6 per cent of Australians were incentivised to use their credit cards for airline points, and three per cent did so for travel fees or insurance.

But of the generations, 10 per cent of Gen Y and 9 per cent of Gen Z were more likely to take out credit cards to deal with rising costs, than Gen X at 5 per cent.
"If you're regularly spending more than you can pay off on a credit card, the cost of interest charges can quickly add up," Bradney-George said.
"Every credit card has a different mix of features, so it's important to understand what you're looking for so you can identify the right card for you."
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

(Votes: 0)

Other News

Police launch investigation after car hits power pole, injures four people Optus CEO Kelly Bayer Rosmarin resigns South Australian road toll reaches grim milestone Man charged after two men allegedly stabbed at Sydney bus stop Person killed after home destroyed by fire in Sydney Three teens rescued from water at Bondi Beach Labor wins by-election in the seat of former Victorian premier Daniel Andrews but voting shows support weakened NSW government rejects federal MP Julian Leeser's call for ban on 'anti-Semitic' car convoys Woolworths delivery driver robbed at gunpoint in Perth car park On 42nd day of the aggression on Gaza, the massacres continue Voters in Mulgrave head to polls in by-election to replace former premier Daniel Andrews Residents-only parking in exclusive beachside suburb ruled illegal Three teens charged with allegedly starting bushfire in New South Wales Teen, man, charged over Sydney police pursuit Man dead after after ute, semi-trailer collide on Newell Highway near West Wyalong Man dead after suspected shooting at Rockhampton Optus CEO to face Senate grilling over mass outage New laws to monitor released asylum seeker detainees pass parliament overnight Police officer shot dead, another injured, in South Australia Police investigating after woman's body found at Adelaide unit block Three women taken to hospital after crash causes traffic chaos in Sydney's north Sales of fake Australian IDs rampant on the dark web, second only to the US Driver killed in fiery car and truck crash north-east of Melbourne Australia’s foreign minister declines to meet with UN rapporteur for occupied Palestine Police intervene in argument in Sydney allegedly caused by Israel-Palestine tensions Almost a third of all GPs 'intend to retire' in the next five years Girl, 12, arrested after fatal stabbing inside inner Melbourne property Shots fired into family home in 'targeted' Melbourne home invasion Queensland swelters under heatwave, warnings of increased fire risk Detainees released without visas after High Court decision in immigration revelation