Comparison website Finder’s analysis of new data from the Reserve Bank of Australia showed record credit card spending in February across an array of metrics.

Finder revealed that spending, average spend per card, total number of transactions, transactions per day, value of transactions and average balance per card all soared to new levels in February.

The number of balances accruing interest also soared in February, totalling $19.9b during the month and marking the highest level since June 2021.

The average value of cards accruing interest rose to $1640 per card, the highest point since June 2020, while the percentage of balances accruing interest is up to 47.1 per cent.

This marks an increase from its December 2023 record low of 44.9 per cent.

Finder money expert Richard Whitten said this rise was a point of concern as it appeared many Aussies were struggling to repay their debts.

“Aussies are swiping and tapping their plastic like there is no tomorrow,” Mr Whitten said.

“A record monthly spend is not as concerning as the rising number of accounts left to accrue interest.

“Credit cards are a great resource when used responsibly: you can earn rewards points, get spending protections, and even travel benefits - as long as you avoid the sting of interest charges.”

Many Aussies were becoming increasingly reliant on credit cards as a whopping 28 per cent of respondents to Finder’s Consumer Sentiment Tracker said they could not manage their finances without them.

The tracker also showed the average Aussie will take more than five months to pay off their credit card debt.

Mr Whitten suggested those with mounting interest on their accounts look to alternative card types.

“If you are one of the 47 per cent of account users carrying a balance, there are a raft of 0 per cent balance transfer cards that might help,” he said.

These findings come as the cumulative impacts of post pandemic inflation mean Australians are paying almost 20 per cent more than what they did just four years ago while wage increases have failed to keep pace.

Aussies could also face economic hardship as Donald Trump’s sweeping tariffs have led to an increase in the chances of a global recession.

In response to the chaos from Trump's tariffs, Australia's Treasury on Monday updated its analysis of how the trade policies will impact the global and Australian economy.

Treasury forecasted the nation's real GDP to decline by 0.1 per cent while inflation will increase by about 0.2 per cent more than what it would without inflation.