Global Credit Card Debt Struggle
The United States isn’t the only country where consumers are having difficulty with credit card debt and rising expenses. I previously wrote about the problems with credit card debt in Great Britain. And several new news articles have focused on the spreading consumer debt crisis around the world:
Australians owe a national record $44.2 billion in credit card debt, up 3.5% since December. The average credit card debt for a family in Australia is $3200, with typical interest rates ~ 20%.
Credit card spending in Korea in July was up 22 percent compared to July 2007, due to both an increase in the popularity of credit cards and a 6 percent year over year increase in consumer prices.
And Turkey’s problems with credit card debt were recently chronicled by the New York Times. As the NYT said, “Few American exports have proved as popular as credit cards.”
