Millions of Aussies are changing their credit card limit to stay afloat during the cost-of-living crisis.
Credit card spending hit an all-time high of $35.5bn in January 2024, a sharp increase after a five year downturn was reported from May 2017 to April 2022.
The report also found that 4 per cent of credit card holders had increased their limit to afford a more expensive lifestyle, while 3 per cent decreased their limit to reduce temptation or increase their chance of approval on a home loan. “Aussies should be careful to keep track of spending on plastic and pay it off in full every month to avoid interest charges.”
Nearly half of credit card holders who collect rewards points said they struggled to satisfy the card’s minimum spend requirements, according to the report.
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