Australia's Credit Card Debt Drops
13 November 2007
Australian consumers have tightened their purse strings in the lead up to Christmas with the latest figures from the Reserve Bank of Australia (RBA) showing that the average debt carried by Australian's on their credit cards has dropped below $3000.
The average credit card debt had been at $3017 per credit card in August with the September figures showing the debt per card dropping to $2993.
RBA figures also highlighted that the number of Australian's applying for credit cards during September had also dropped with only 32,000 new accounts recorded.
This is a significant drop on the August figures, which showed 50,000 new credit card accounts.
The average credit limit continues to grow as it has done each previous month this year. The latest figures show that the average limit is now up to $8465 per credit card.
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