12 years to pay off average credit card debt

Aussies owe more than $50 billion in credit card debt. The average card balance is $3,282. Doesn't sound too bad, right? Hmm…

Based on the average interest rate of 17.21 per cent, it would take about 12 years to repay $3,282 if making only the minimum monthly repayment. The situation is obviously even worse for those people with higher balances and/or interest rates. The key is to pay down your credit card balances as quickly as possible. Even small amounts above the minimum repayment will drastically reduce your exposure to time and interest charges.