Global Credit Card Debt Struggle
Aug 18th, 2008 | By Rob | Category: Credit Cards, interest rate
The United States isn’t the only country where consumers are having difficulty with credit card debt and rising expenses. I previously discussed the problem with credit card debt in Great Britain. And numerous news stories have focused on the growing problems with credit card debt in other countries in 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 NY Times said, ” Few American exports have proved as popular as credit cards.”
