Consumers scramble to pay off credit card debt

As the economy continues to slide, consumers are keen to pay off their credit card debt, according to data released by the Reserve Bank of Australia (RBA).

Figures show that credit card spending was down 21 percent in January from the previous month, and over $18 billion was repaid on credit cards, while $16.62 billion was spent.

According to the RBA assistant governor of economics Malcolm Edey, Australians are being severely affected by the global economic crisis and don’t want to put themselves in an unfortunate situation where they are struggling under debt.

“In this environment, it’s not going to be possible for Australia to avoid some further weakness in 2009.”

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