Consumers are racking up debt on the plastic again as the impact of the federal government’s December stimulus package fades, lifting the total outstanding balances on credit cards to a record $45.4 billion.

Data released by the Reserve Bank of Australia (RBA) on Thursday showed that credit cardholders repaid just $16.8 billion of their outstanding debts in February, the lowest level in a year.

Spending with credit cards was $17.1 billion in the month.

In January, cardholders repaid $18.1 billion while spending $16.6 billion, while in December they repaid a record $21.5 billion, albeit spending a $21 billion at the same time, also a record.

The government’s $10.4 billion economic stimulus package announced last year included cash handouts to millions of pensioners, carers and low-income families in December.

While the government’s intention was for the money to be spent to lift economic activity, some consumers proved more cautious given the tough economic climate and preferred to save the money or paydown debt.

The government’s second stimulus package started rolling out in March with one-off welfare payments of up to $950 from Centrelink, while the Tax Office is in the process of delivering a tax bonus of up to $900 to taxpayers.

A survey by St George Bank released earlier this week found that 35 per cent of respondents planned to pay down their credit cards and personal debt with this latest stimulus, while nine per cent would put the money towards mortgage payments.

AAP