Australians are using credit cards to cover everyday expenses, new research from Finder shows.
As cost-of-living pressures continue, a survey by the comparison website found that 11 per cent of respondents have paid for daily expenses with plastic.
For those who have credit card debt, 40 per cent don’t prioritise paying down what they owe.
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Almost 30 per cent of respondents said they prioritised other expenses first, while 11 per cent of people said they could not afford to pay down their credit card debt.
The survey found fewer women than men prioritised paying down their credit card debt.
Meanwhile, seven per cent of men said they could not afford to pay off their debt compared to 16 per cent of women.
Finder money expert Sarah Megginson said millions risked spiralling debt as a growing number put credit card repayments last.
“Failing to tackle credit card debt keeps millions of Australians trapped in a cycle that makes it harder to get on top of their budget and creates so much stress,” Megginson said.
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“Plastic debt can quickly snowball because of the high interest rates and end up costing you far more than you borrowed.
“Every month you delay paying it off, you’re giving your bank more of your hard-earned money in interest.”
Meggison urged people to seek out help to get themselves into a more comfortable position.
“It can feel really hard to get on top of credit card debts, like you’re chasing Peter to pay Paul each month, but there is help available,” she said.
“If your debts are snowballing, you can contact the National Debt Helpline for free financial counselling.”
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