Credit card borrowing down as Aussies clear debts
Speaking to AAP, NAB’s Capital senior economist said the home loan and credit card provider was expecting that home loan applications would continue to grow, although interest in credit cards is likely to wane further as Australians grow cautious of debt during the downturn.
He added that the new figures are “a piece of evidence that the RBA would think that the slowdown in credit growth has eased off”.
If this is the case, it may be likely that the RBA will go easy on interest rates at its next meeting on March 4th.
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