Australias credit cards debt reaches record $45.4 billion
29 April 2009
Australia's credit cards debt has climbed to new records after repayments frequency has slumped with many people holding out in the face of unemployment and the recession.
Australian consumers spent $17.1 billion with their credit cards in February, while this may be higher than January 2009 figures; it is well below the monthly average throughout 2008.
Australians have reduced their credit cards repayments to 7.1 percent, meaning that Australian credit cards debt has risen by 1.7 percent to $45.4 billion. This equates to an average Australian persons debt being $3149.
Some economists have been surprised by the climb as consumer spending has been reduced in early months of 2009 and many say that the true issue is that the real issue is the widening gap between credit cards repayments and spending, as the credit card debt rate is actually slowing.
One move by consumers that is being applauded is the move away from using cash advances, which attract a high interest rate and make credit cards repayments increasing difficult.
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