Credit card applications fall

The Australian government recently urged people to take control of their borrowing, as it emerged that the country was sitting on a credit card debt in the region of $36 billion.

It appears that a lot of people have listened to this advice, as new figures indicated that credit card applications have fallen.

Veda's Consumer Credit Demand Index showed that the number of people looking to take out plastic products dropped by eight per cent over the last year.

The decline was most severe in South Australia, where the number of applicants was down by 12 per cent, while New South Wales and Victoria also a saw significant reduction.

According to company representative Angus Luffman, many people are shunning credit offerings in favour of debit cards, as it seems that Aussies are finally starting to take a bit more responsibility over their finances.

Leaders at Veda also confirmed the demand for personal loans was down on a year-by-year basis, but only by 1.4 per cent.

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