Credit card spending down as customers target repayments
Aussies spent $19.189 billion on credit and charge cards in the month, down from $19.246 billion in September.
The average credit card account balance was $3,141 in October, compared with $3,145 in September and $3,111 in October 2008, the RBA said.
Such a fall in credit card spending may be due to concern among customers wishing to repay high card bills. The figures show that repayments on credit cards rose 0.2 per cent in October to $19.647 billion.
Concern over repayments and excessive Christmas spending has encouraged bank customers to compare credit cards.
The Australian National Retailers Association (ANRA) recently described current retail turnover figures as sluggish.
"Retail sales have only grown by 0.6 per cent in the three months to October and worse still, these figures don’t capture the effect of the rate rises," said ANRA chief executive officer Margy Osmond.
This article is brought to you by Mozo – Helping you compare credit cards