Figures released in Australia point to an expected AU$10.7m ($9.74m) increase in credit card interest revenue over the Christmas season.
In a report by RateCity, an Australian financial products comparison website, credit card debt is forecast to grow by 2% in January 2014.
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This increase will build on existing debt figures; credit card users in the country owe AU$48.8bn, with over AU$34.2bn currently accruing interest.
According to the website, the average credit card interest rate in Australia is 17%.
The decade average for January credit card debt in the country is 2.21% higher than that in December, with the first month of the year traditionally accompanying the highest amount of credit card debt.
Commenting on the tendency, RateCity said: "And this coming January is unlikely to be an exception, despite Australians scaling back on their spending in the past few years."
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By GlobalDataMeanwhile, the Australian Securities and Investments Commission (ASIC)’s financial decision-making support service MoneySmart warned credit card users to beware fees and keep track of spending.
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