Australia's corporate regulator says almost one in five credit card holders is struggling to cope with their debt as the country's total credit card bill approaches 50 billion dollars.
The Australian Securities and Investments Commission [[ASIC]] report reveals 18.5 per cent of consumers are overwhelmed by debt.
ASIC says balance transfer offers are often a "debt trap" with more than 30 per cent of consumers increasing their debt by 10 per cent or more after taking up a balance transfer offer.
ASIC has put banks and other lenders on notice to do more to help people who find themselves drowning in credit card debt.
It's also proposing new rules to make card providers assess whether a consumer can repay the credit card limit within three years before giving them a card.
