Credit card debt accruing interest has ticked up by $61 million in May, rising for only the second time this year, as Australians find it harder to stay on top of their debt payments.
Canstar's analysis of RBA credit card figures, released today, shows the total debt accruing interest on personal credit cards has reached $19.4 billion, in original terms.
Total credit card bill | |
|---|---|
Amount - May 2026 | $19.4 billion |
Monthly change | +$61 million +0.3% |
Source: RBA credit card statistics, May 2026, released 7 July 2026, original data, excludes commercial cards. Year-on-year analysis not available due to a series break in November 2025.
Card spending at second highest level on record
The total value of transactions across credit and debit cards hit $89.5 billion in May, the second highest level on record, with the highest level recorded in March this year.
Australians ramped up their credit card spending in May, putting an extra $1.1 billion on their cards in just one month, taking the total value of transactions to $29.9 billion, in seasonally adjusted terms.
Debit card spending took a small step backwards, slipping by a modest $11 million to $59.6 billion after reaching a record high in April.
Value of | |||
|---|---|---|---|
Amount | Monthly | Annual | |
Debit | $59.6 | -$11
| +$5.7
|
Personal | $29.9 | +$1.1
| +$1.2
|
Total | $89.5 | +$1.1
| +$6.9
|
Source: RBA credit card statistics, May 2026, released 7 July 2026, seasonally adjusted data terms, excludes commercial cards.
Daily interest bill hits $10 million
Canstar estimates Australians are collectively paying around $10 million a day in credit card interest, based on the average purchase rate of 18.61%.
Yet despite this eye-watering interest bill, there’s still significant capacity for Australians to take on more debt. Canstar’s analysis of personal credit card data shows balances attracting interest account for just 18% of total available credit limits.
If Australians were to max out their credit cards and carry those balances, the collective interest bill would surge from $10 million a day to around $55 million a day at today’s average rate.
Total credit card debt vs | |||
|---|---|---|---|
Amount: | % of | Total daily | |
Amount | $19.4 | 18% | $10 |
Total | $107.2 | 100% | $55 |
Source: Canstar, RBA. Notes: data is for personal credit cards for May 2026, original data.
Aussies struggling to clear their card balance
Canstar's Data Insights Director, Sally Tindall, says, “The nation’s credit card debt attracting interest climbed for the second time this year, rising to $19.4 billion, as more households are finding it harder to stay on top of their credit card bills.”
“Increasing by $61 million in May, it’s a reminder that many households are still struggling to clear their card balance in full.
“Australians ramped up their credit card spending in May, putting an extra $1.1 billion on their cards compared to April. Combined with debit card spending, we’re at the second-highest level on record. People are still spending and it won’t pass the RBA by.
“Swiping and tapping the credit card isn’t necessarily a problem for those who can pay off the balance in full by the due date. The trouble starts when today’s spending becomes tomorrow’s debt, attracting interest at an average rate of 18.61 per cent.
“At this rate, Australians are collectively paying an estimated $10 million a day in credit card interest. That’s money that could otherwise be going towards savings, paying down a mortgage or simply helping with everyday living costs.
“Australians haven’t come close to maxing out their credit cards, but that’s hardly a green light to keep spending. Just because your bank has approved you for up to a certain amount, doesn’t make it a good idea to hit that number.
“When it comes to your credit card, the number you should be aiming for is $0.”
