Consumers keen to pay off credit card debt
Households are paying off their credit cards at record speed according to recent figures released by the Reserve Bank.
The figures show that the average credit card balance was $3106 in July, 0.6 percent lower than the previous year. Total credit card spending in the month fell slightly to $19.1 billion, compared with $19.4 billion in June, while repayments rose by 3 percent.
However, households also continued to increase their savings, a separate study shows.
A survey by the Melbourne Institute of Applied Economic and Social Research found 47 percent of households saved some of their income this month, up from 45 percent a year ago.
Households are paying off their credit cards at record speed according to recent figures released by the Reserve Bank.
The figures show that the average credit card balance was $3106 in July, 0.6 percent lower than the previous year. Total credit card spending in the month fell slightly to $19.1 billion, compared with $19.4 billion in June, while repayments rose by three percent.
Households also continued to increase their savings, a separate study shows.
A survey by the Melbourne Institute of Applied Economic and Social Research found 47 percent of households saved some of their income this month, up from 45 percent a year ago.
People who read this, also liked:
Households withdraw $4 billion from banks in crisis
