Here are some interesting findings from RateCity's Consumer Study August 2014: 

• 42% of young people under the age of 24 have between $10,000-$30,000 in debt (not including a mortgage). 
  
• Around half of Australians aged 18-24 said they NEVER had a balance of $0 on their credit card account in the previous year.
• About 70% of Australians aged 18-24 said they don’t know the interest rate they pay on their credit card.
• One in five Australians aged 18-24 say that personal debt is something they worry about ‘occasionally’, while one in 10 say they worry about it ‘most days’.

For more information go to www.ratecity.com.au

If you don't have a credit card yet let these findings be a warning to you.  If you do have a credit card and are having problems paying it off here are some tips from news.com.au:

HOW TO SLASH CREDIT CARD INTEREST 

1. Repay the outstanding balance within the interest-free period every month and it won’t cost you a cent.
2. Compare credit card offers online and then phone your financial institution to ask for a better deal.
3. Transfer your debt to a lower-rate credit card, cut up the old one, and set up automatic transfers to keep reducing the debt.
4. Consider a balance transfer card — there are more than 40 of these offering zero per cent interest for 12 months or more. But check the fine print.
5. Do not keep money in savings accounts if you have credit card debt. The interest gained is tiny compared to the interest saved by paying off the card.
6. Switch to a debit card, which has the same functionality but uses your money instead of borrowed money.
7. Consolidate credit card debt into a low-interest mortgage or other loan, but be sure to change your spending behaviour to avoid doubling up on debt.

If you must have a credit card Canstar and RateCity have rated hundreds of credit cards to find the one that suits you best and help you avoid high annual fees and interest rates.