Credit card payments up again, RBA finds

Thursday 19 March 2009

Article by Mozo

Aussies are continuing to plough money into paying off existing credit card debts amid fears about job security, new stats from the Reserve Bank of Australia (RBA) show.

The amount of money being spent on credit cards is also on the wane, with $16 billion being put on credit in January, compared with $21 billion in December, the RBA found.

Overall, the number of credit card purchases fell 22 per cent.

Speaking to news.com.au, AMP Capital Investors chief economist Shane Oliver said the figures were a good indicator of how the average Aussie is feeling about finance right now.

"Essentially Australians are feeling nervous in the face of rising unemployment. People are trying to increase their savings and reduce their debt and that’s hitting debt embedded in credit cards," he said.

In a speech made today (March 19th), RBA assistant governor Malcolm Edey reminded the country that while the current credit climate may be scary, it is important to remember that the world has endured these types of problems many times before.ADNFCR-1761-ID-19083244-ADNFCR

Find great rewards credit card deals

Which type of rewards credit card would you like to compare?

Back to top