Personal finance commitments continue to rise

Tuesday 18 October 2011

Article by Mozo

Between July and August this year, there was a 0.6 per cent increase in personal finance commitments in the country, credit card customers may be interested to learn.

Personal finance commitments increased in August

Fixed lending commitments also increased, while the seasonally adjusted series for the value of personal finance commitments increased by 2.2 per cent, figures from the Australian Bureau of Statistics suggests.

The trend for the latter has increased every month since March and the latest data indicates in August it stood at $7,145 million, up from $7,081 million the month before.

This comes after one expert suggested that banks in Australia are currently "flush" with funds to lend to consumers.

Business commentator Robert Gottliebsen stated in an article for Business Spectator that many financial institutions are looking for sound people to lend to, news that may be welcomed by Aussies considering getting a new low interest credit card.

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