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2007
Credit cards still high concern for Aussies
Thursday April 29, 2010
While the global recession is now moving into recent history for many people, most are showing evidence of lessons learned with reports stating that most Australians are reluctant to increase their credit card debts. In February the average credit card account balance increased by 1.9 per cent to $3,250 in February. This is a full 3.29 per cent higher than February 2009 results. Yet over the last twelve months the usage of debit cards has skyrocketed around 30 percent with most consumers preferring to use their own funds and avoid building up any further debt.
This growth and preference to debit cards is also due to the fact that while Australians are restricting their credit cards potential debt, they still owe a fair amount on their credit cards. Credit cards that attract interest rates of around 20 percent are suggested as being of principle importance to those trying to repay, according to financial industry experts, while those with around 9 percent give consumers more room to move.
However Australians seem to be managing their money better with many keeping up with the rising interest rates and making the higher repayments on their credit cards debt.
