Aussies increasing credit card repayments

By Mozo ·

Australians with credit cards made repayments of $19.839 billion in July 2009, according to figures released by MasterCard.

This took the total balance of people credit cards down to $44.569 billion, which was $283 million lower than the month before.

Scheme debit was found to be the main driver of card transactions, with the value of purchases in July this year up to $2.556 billion – a 30.85 per cent increase year-on-year.

Despite this the total number of credit card transactions dropped in the seventh month of the year.

MasterCard found that it dropped to 127.2 million, a decline of 112,000, while the value of these transactions was $266 million lower.

This means that the total value of transactions made by people with cheap credit cards and those paying a higher level of interest was down to $19.14 billion in July.

Meanwhile, the Reserve Bank of Australia recently found that people are using their credit cards less and increasing the amount of purchases on debit cards.

This article is brought to you by Mozo – Helping you compare credit cardsADNFCR-1761-ID-19375535-ADNFCR