SHOPPERS are taking their shopping debts to a new level this festive period.

More and more shoppers are using their credit cards and getting in more debt than ever. Swiping the card appears easy at first, but wait until you get the bill.

The Boxing Day sales in Australia reached gigantic proportions with more than half crazed shoppers not resisting temptation, instead throwing it all on the card. The average Australian man, woman or child is in debt to an average of $56,000.

That includes home loans and car loans and any type of personal loan. But is goes to show that many Australians are living well beyond their means. It’s a dangerous thing when you go nuts on your card, maxing it out and then having to pay it off. Many find themselves paying their debts forever; unable to pay their maxed out credit cards off and quite simply just pay the minimum monthly repayments. It can also disturb your weekly budgeting with many falling in debt way too quickly. It also makes life tougher when going for other loans; such as home or car loans. The more in debt you are, the less chance you are of getting another loan.

Your credit rating is an important tool to the future. If you ruin your name with a shopping rage at the local mall, it means you are in for a hell of a time paying it back if you are the average Australian.