I remember seeing a US debt clock page, but now we have a credit card debt clock for Australians here:
According to that, Australians with credit cards owe $36b in total, which means an average debt of $4,700 per credit card holder, paying $800 in interest per year.
Should we be worried? What happens if everyone defaulted on their credit cards? I mean, it's kinda different to mortgages because it's an unsecured debt, so would the consequences be serious?
Also, I am not sure how 'accurate' the painted picture is - does that mean people have a net wealth of -$4,700, or just that they have a debt of $4,700 but could have other assets worth more than enough to cover it?
Do you know anyone who thinks it's ok to just pay the minimum per month?