Credit card spending falls in November
According to the Bank, Australians spent a total of $17.614 billion on their credit cards during the month, down nearly $2 billion on figures for October, indicating that many consumers are beginning to slow down their spending in response to the global downturn.
However, further figures show that many people were continuing to feel the pain of rising debts in November, with the value of credit card payments dropping more than 11 per cent.
As such, total outstanding balances on all credit cards in the country reached $45.28 billion, up from $44.729 billion in October.
These figures extend a yearly trend that has seen credit card balances owed increase eight per cent over the 12 months to November.
Commenting yesterday in the Sydney Morning Herald, JP Morgan’s money expert Stephen Walters, urged consumers looking to trim the fat from their finances to focus first on cutting their credit card bills down to size.