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This is how much Aussies blew on Christmas credit

Do you have post-Christmas blues after splurging during the festive season?

Then you’re probably not the only one. New estimates show the nation whacked a whopping $29 billion on credit cards in December – equivalent to over $1,700 per card.

And to make matters worse, the interest alone from the Christmas overindulgence will set Australians back $230 million.

Also read: Switzer’s top 5 predictions in 2018

Four out of five credit card holders say they will pay off their holiday debt in three months or under but the remainder will take longer and will thus be forced to fork out hefty interest payments.

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Some may even take a year or more to pay down their balance, finder.com.au research shows.

One way to escape a fat interest bill is to transfer your outstanding balance to another card.

There are currently over one hundred balance transfer cards offering 0% transfers offering 12 months and a few offering two years interest free balances.

Here are some of the best:

Source: finder.com.au
Source: finder.com.au

“A balance transfer could give credit card holders the chance to make more headway on their outstanding balance, especially if they’re having difficulty making repayments,” aacording to Graham Cooke, Insights Manager at finder.com.au.

Also read: Why property investors are in trouble

“But remember – this is not a license to ignore your debt,” he warns.

“Often, 0% balance transfer cards will have a higher purchase rate than other cards, so it’s important that you commit to paying off all your debt in the interest free period, and resist the urge to spend beyond your means.”