Card spending up along with repayments

By Mozo ·

Credit card spending rose a hefty 9.6 per cent over the course of March, the latest figures from the Reserve Bank of Australia (RBA) show.

But while Aussies spent an impressive $18.78 billion on credit cards over the month, up from $17.13 billion in February, there was a concerted effort to pay off credit card debt as well.

The RBA has announced that credit card repayments hit $19.72 billion, up 17.5 per cent on the previous month.

Another set of figures released by the RBA have also sparked a lot of interest as, for the first time, the Bank has given a breakdown of the amount of money lenders have made in penalty charges.

Over the course of 2008, banks made more than $1 billion from charges imposed on people who went overdrawn, used a foreign ATM machine or paid off credit cards late.

"It’s not hard to see why many Australians get angry with the banks," said treasurer Wayne Swan.

This article brought to you by Mozo – helping you compare credit cardsADNFCR-1761-ID-19184374-ADNFCR