Aussies more confident using credit cards, figures suggest

Thursday 17 November 2011

Article by Mozo

Aussies appear to be using their credit cards more frequently, according to new statistics released by the Commonwealth Bank (CBA).

Aussies more confident using credit cards, figures suggest

The institution has suggested the retail sector is beginning to recover, following a bleak period in which many consumers were wary about parting with their hard-earned cash, the Sydney Morning Herald reports.

On releasing its latest business sales indicator, the CBA stated that retail spending grew by 0.4 per cent in October. This carried on from the 0.3 per cent improvement recorded in the previous month and represented the strongest growth since September 2009.

Chief economist at CommSec Craig James said the statistics were encouraging.

"While we are still talking about small numbers, the negative pattern we saw for a large part of this year is turning around," he was reported as saying.

Despite this, the Westpac-Melbourne Institute recently stated that only 11 per cent of Aussies will up their spending this Christmas when compared with 2010.

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