Latest credit cards usage figures
3 February 2010
Credit cards usage levels have not dissipated at all over recent months despite many consumers attempting to move away from using credit as their primary source of financing.
According to the latest figures from the Reserve Bank of Australia, the average credit card account balance was $3,196 in November. This is an increase from the figures reported in October 2009 ($3,141) and twelve months prior in November 2008 ($3,143)
The official figures correlate to show that an average Australian individual's personal credit cards debt has increased by 1.7 per cent over the year to November or 5.8 per cent over the last five years. In contrast to this, the same report found that the number of EFTPOS purchases, including cash outs, declined over the same month of November 2009 by1.5 per cent although it is still up 14.4 per cent from twelve months ago.
Other Reserve Bank of Australia report results:
- Credit cards repayments declined 0.6 per cent in November 2009
- Number of actual credit and charge card accounts increased 0.2 in November 2009
- Number of actual credit and charge card accounts increased1.3 per cent over the twelve months leading to November 2009 to 14.406 million
- The monetary value placed on the credit and charge card purchases rose 4.6 per cent in November 2009 but decline over the year 2.3 per cent
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