Credit card panic starts at $4,113

(Australian Associated Press)

Australians need 4113 reasons to start worrying about credit card debt.

A finder.com.au poll of more than 2000 people has found that the panic only sets in when they rack up $4113 in debt.

The average credit card balance is just under $3150.

People born between the mid-1960s and 70s are the most comfortable with credit card debt, saying $4357 was their tipping point.

“This segment of the population typically have a higher earning capacity so they may be in a better position to repay debt compared to retirees or those just starting out,” money expert Bessie Hassan said.

The tipping point for Generation Y, or people born in the 80s or early 90s, was $3634.

South Australian women between 18 and 34 were the biggest worrywarts, and started to panic when credit card debt hits $1629.

Queensland men between 35 and 54 were the most relaxed cohort, only worrying when the numbers reached $6387.

Australia’s big banks are under pressure to lower their credit card interest rates after ANZ announced it was cutting rates on two of its cards by up to two per cent.

The bank will on Thursday cut its low rate platinum card by two per cent to 11.49 per cent and its low rate classic card by one per cent to 12.49 per cent, which it says are the lowest rates since 2003.

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