Aussies 'are being more cautious with their credit cards'

Tuesday 17 May 2011

Article by Mozo

The tough financial situations many Aussies are struggling with at the moment are contributing factors to their reticence to use credit cards, it has been suggested.

'Greater caution regarding credit card spending is being exercised by Aussies'

MasterCard spokesman David Masters told the Herald Sun that people are more likely to buy goods using their plastic when they feel secure about their finances.

"In mature markets like Australia that tends to be a sure sign of caution because there is a tendency for consumers to use credit cards when times are good and consumer sentiment is high," he asserted.

His comments come as data from the Reserve Bank of Australia (RBA) revealed that during the third month of the year, spending on credit cards dropped to the lowest level in five months.

Aussies hoping to get the most out of their plastic may want to go online to compare credit cards and find the deals that offer them the most attractive rates.

According to the RBA the average amount owed on each card by Aussies who own them is $3,321, News.com.au reported.

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