Credit card spending in Australia is at a record high.  The average credit card account balance was $3,251 in December 2009, compared with $3,145 in December 2008. According to RBA figures, Australians are paying interest on over $33 billion of credit card balances.

If you are paying interest on your credit card, have you considered switching your credit card provider?  There are dozens of excellent balance transfer rates available in the market which could well save you money.  Head online and use a credit card comparison site to find the most appropriate balance transfer deal.

Even if you manage to reduce your credit card interest rate by just 5%, on the average Australian card balance it would save you $160 every year.