Australian credit card bills rise in November

Australians now owe $38 billion on credit cards with higher interest rates prompting consumers to lean on their plastic to cover shortfalls during the run up to the holiday season.

Higher rates slowed the increase in spending on cards in November and made it harder for consumers to repay debts.

Credit card debt rose to $38.028 billion in November from $37.343 billion a month earlier, according to the latest figures from the Reserve Bank of Australia (RBA).

The average credit card balance rose to a record $2,868, up from $2,821 in October, CommSec said.

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