Credit card spending on the up

By Mozo ·

Australians spent $17.77 billion on credit cards and debit cards in May, an increase of 2.3 per cent on the previous month, new data from the Reserve Bank of Australia (RBA) has shown.

In its monthly report, the bank announced that consumer credit card spending rose 2.5 per cent during the period, but repayments were down for the second month in a row.

Figures show credit card repayments dropped 0.9 per cent during the month to stand at a total of $18 billion. In total, repayments are down 1.3 per cent compared to a year ago.

Meanwhile, data also shows that the average amount owed on credit cards was on the up again in May, despite numerous claims that Australians are taking heed of the economic crisis and are looking to rein in their spending.

Earlier RBA data has shown that debit cards are becoming increasingly popular as Aussies try to keep tabs on their expenditure.

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